CommerceConnect Media to Acquire Cygnus Business Media

Posted on May 24, 2000

CommerceConnect Media has announced that it has signed a definitive agreement to acquire Cygnus Business Media for $275 million. Cygnus is a business-to-business communications company with a portfolio of 140 unique properties, including 48 trade magazines, 16 trade shows and conferences, 17 custom publications, and 60 websites. Cygnus Business Media is projected to have revenues of $96 million this year and employs over 430 people.

``Since inception, CommerceConnect Media's mission has been to identify and acquire the ideal platform company from which to build a leading, diversified B2B media company,'' says Paul Mackler, CEO of CommerceConnect Media. ``Cygnus Business Media offers that platform with a wide array of targeted media products, including print, live and interactive media. We look forward to building upon its successes by bringing a variety of marketing opportunities to millions of marketers and business executives.''

``We felt strongly about selling our company to someone who shared our values. We feel confident that CommerceConnect Media will take what we've built to its next level, creating added value for our customers and employees along the way,'' says Gerry Hogan, Chairman & CEO of Cygnus.

CommerceConnect Media plans to offer a diverse group of products, including trade magazines, custom marketing communications, trade shows, conferences, and new media offerings, such as website advertising, website hosting capabilities, vertical market online auctions, and other e-commerce opportunities. CommerceConnect Media was launched in October 1999 and is a partnership between Mr. Mackler and ABRY Partners LLC, a private equity investment firm headquartered in Boston, MA, which invests solely in media and communications companies.

``Cygnus Business Media has all of the characteristics we seek out in an acquisition, critical mass, diversification, leading brands, strong revenues and cash flow, and a strong team,'' says Peggy Koenig, Partner, ABRY. ``Our partnership with CEO Paul Mackler makes this acquisition even more attractive based on his impressive and lengthy career in the B2B industry.''