Beringer Capital, a New York and Toronto-based investment firm focused on the media, marketing services and technology sectors, today announced the completion of the sale of Adweek, LLC (“Adweek”) to an entity affiliated with Shamrock Capital. Financial terms of the transaction were not disclosed martech news.
In July 2016, Beringer Capital acquired Adweek from Mediabistro Holdings. Since then, Adweek has consistently achieved annual double digit growth while expanding its businesses with 40 new products, including the revamp of Brandweek, NexTech and Challenger Brands summits, CMO Symposiums, as well as Adweek’s D&I Council and the Institute for Brand Marketing.
“We are proud to have worked so closely with Adweek’s leadership team over the last several years to help transform the business to become the preeminent voice in the brand marketing ecosystem,” said Brian F. Martin, Vice Chairman at Beringer Capital. “The shift the business has made towards live and virtual events, as well as online education has created a new foundation for growth and added value for Adweek’s audience. Beringer is confident the company will continue its strong momentum under Shamrock’s ownership.”
Jeff Litvack, Chief Executive of Adweek, added, “The management team greatly values the partnership and dedication Beringer brought to Adweek during their ownership. Our ability to launch new products and diversify revenue has been a major driver of the company’s successful exit.”
“The media industry plays a critical role in the world that we live in and it’s important to ensure that these institutions thrive,” said Martin. “Adweek remains a cornerstone in the marketing and advertising industry, and we look forward to continuing to invest in the growth of entities who share our values, principles and beliefs.”
CG Petsky Prunier served as financial advisor and Clark Hill PLC as legal advisor to Adweek on the transaction.