Private Equity Groups Buy IT Publisher 101communications
Information technology publisher 101communications LLC was sold to 1105 Media Inc., a firm supported by private equity firms Nautic Partners and Alta Communications in partnership with former Reed Elsevier and Petersen Publishing executive Neal Vitale.A business-to-business publisher, 101 has 11 trade publications, 44 conferences and events along with their companion Web sites. The Chatsworth, CA, company was put up for sale in October.
Terms of the deal were not announced yesterday. Merrill Lynch, 101's current lender, offered financing for the deal. The Jordan, Edmiston Group Inc., New York, represented 101.
Mr. Vitale will now serve as president/CEO of 1105 Media, the new parent of 101.
