Business News
Boston Ventures Acquires Oakstone Publishing
Wednesday 02. July 2008 - Experienced Publishing Investors to Accelerate Growth
Boston Ventures, a leading middle market private equity firm that invests in the information and publishing, entertainment, media, and communications sectors, will build upon its expertise in the publishing industry with the acquisition of Oakstone Publishing (“Oakstone(R)”), which serves the medical education and corporate wellness industries. Oakstone was acquired from Haights Cross Communications.
Oakstone Publishing, based in Birmingham, AL, has established brands that are recognized for providing high-quality, relevant content through its two complementary operating units: Oakstone Medical and Personal Best(R).
Oakstone Medical provides need-to-know continuing education content. A division, CMEinfo(R), provides medical board review courses to doctors and other healthcare professionals. Oakstone Medical’s offerings include products in audio and video format for virtually every stage of a doctor’s career (“from residency to retirement”) and serve important needs for physicians to keep abreast of the latest developments in their specialties as well as earn continuing medical education credits, a requirement to continue to practice. The company has long-standing relationships with physicians and key strategic alliances with prestigious medical organizations in the United States, including Harvard Medical School, Johns Hopkins University School of Medicine, the American College of Physicians and the American College of Surgeons. The strategic alliances and network of physicians help to ensure the quality and relevance of the Company’s products.
Personal Best provides concise, cost-effective health and wellness information which promotes healthy lifestyles to employees through a range of integrated offerings, including print and electronic newsletters, calendars, brochures, booklets, posters and walking journals. The business is unique in its ability to customize and co-brand products with its corporate customers. Its flagship newsletters, TopHealth(R) and Personal Best(R) Healthlines, reach more than 1,000,000 readers monthly at almost 10,000 organizations.
“We plan to leverage Boston Ventures’ experience in the publishing sector to grow the two segments of Oakstone’s business,” said Elizabeth Granville-Smith, a Managing Director at Boston Ventures. “We see a number of strategic initiatives that can develop both the medical and wellness businesses. Oakstone Medical’s strategic relationships, product development capabilities and electronic publishing infrastructure provide a solid platform for future growth.”
Oakstone has a proven track record of developing new content in existing specialties, expanding into new specialties and creating product line extensions across multiple delivery formats. The company has launched over 100 titles over the past 10 years.
Matt J. Kinsey, a Boston Ventures Principal, said, “Oakstone is a strong company that has suffered somewhat from lack of investment. Continuing medical education is a uniquely attractive segment with fundamental growth characteristics. At the same time, wellness also represents a rapidly expanding sector driven by steadily rising corporate health care costs. We believe we can accelerate growth by providing resources and support that will let management expand Oakstone’s reach.”
Bob S. Amato, former President and CEO of Jobson Publishing, a former Boston Ventures portfolio company which had a significant medical education division, will serve as the Executive Chairman. Nancy McMeekin, President and CEO of Oakstone Publishing, will continue in her capacity as will the rest of the senior management team.
Boston Ventures has made a number of other recent investments in the publishing sector, including Home Pages, LLC, an independent, regionally concentrated community yellow pages publisher of approximately 135 town-centric local yellow pages directories in Illinois, Wisconsin, and Indiana; and, New Track Media, which publishes special interest consumer magazines such as Sky & Telescope, American Woodworker, and Fons and Porter’s Love of Quilting.
Financing for the transaction was provided by Wells Fargo.