Summit Business Media L.L.C. today announced the acquisition of several business-to-business publications and market services from WiesnerMedia L.L.C.
The deal for the WiesnerMedia financial group includes the Senior Market Advisor, Boomer Market Advisor, Benefits Selling and Bank Advisor magazines along with ProducersWEB.com, a Web site that serves insurance agents.
The deal also includes Advisors Data Source, a collection of information about 2 million agents and advisors, and 2 leading industry events, Benefits Selling Expo and Senior Market Advisor Expo.
The transaction is the seventh acquisition Summit, New York, has completed since it was formed in November 2006.
Summit is the parent company of National Underwriter Life & Health and of National Underwriter’s NU Online News Service.
“This acquisition of one of the last significant independent financial and insurance publishers substantially increases our penetration of the life insurance and financial advisor markets, 2 of our core segments, while providing access to the benefits advisor market, one of the fastest-growing segments in the financial services marketplace,” William F. Reilly, chairman of Summit, says in a statement.
Andrew L. Goodenough, Summit’s president, says the newly acquired assets complement Summit’s existing business-to-business media platform, which now includes 25 magazine titles, 150 reference books and electronic products, and 100 live events.
“The WiesnerMedia properties further strengthen our market position in the ‘independent retail financial distribution’ sector, which we believe is a long-term, inexorable trend, as most major financial providers continue to outsource sales to independent agents and advisors,” Goodenough says.
Dan Wiesner, chief executive officer of WiesnerMedia, Centennial, Colo., notes that the company launched Senior Market Advisor in 2000 and has worked with staffers to develop a number of successful financial markets products and services since then.
“Now, teamed up with Summit, these professionals have access to world-class resources and the opportunity to continue expanding their brands and innovating for customers,” Wiesner says.
The new Summit properties will report to Tom Fowler, executive vice president and managing director of Summit’s media division.
Betsy Kominsky, who had been vice president/publishing director at WiesnerMedia, becomes vice president/group publisher of Summit’s Market Advisor Group and now reports to Fowler.
Jeff Schottland, vice president and director of ProducersWEB.com, Philadelphia, also will report to Fowler.
“Working with the support of Wind Point Partners, our private equity investor, we will continue to make appropriate investments to advance Summit’s growth strategy,” Goodenough says. “While strategic follow-on acquisitions will remain an important part of that strategy, especially in live event, data, reference and electronic arenas, we believe the platform we have continues to have strong organic growth potential. This growth is coming not only online, where in the first half of 2008 Summit has grown more than 50% over last year, but also in print, where the WiesnerMedia magazines have exhibited strong growth characteristics.”
Media Resource Group L.L.C., New York, represented WiesnerMedia in the transaction and acted as its financial advisor.