Dan Oswald completes purchase of M. Lee Smith, becomes president and publisher.

"Meteoric rise" may be a cliche but it's an apt description of Dan Oswald's 16-year newsletter career beginning when he was 22 and working for a single newsletter in Iowa and culminating (at least for now) in his purchase of the giant M. Lee Smith Publishers LLC. The 38-year-old is also president of the Newsletter & Electronic Publishers Association.

In 1991, three years after Dan began working for the Iowa-based Center for Management Systems, Aspen Publishers acquired it. He moved to Aspen headquarters in Gaithersburg, Maryland where he served as marketing manager until January 1996, when Mark Ragan of Lawrence Ragan Communications Inc. hired him as vice president for marketing. He was subsequently promoted to president.

During his time at Ragan, revenues of the Chicago-based newsletter and conference company more than doubled, establishing Oswald as one of the leading executives in the newsletter and corporate communications industries. He was responsible for many innovative direct mail and other marketing strategies that ultimately resulted in 100 percent growth of company revenues during a five-year period.

M. Lee Smith Publishers

The 30-year-old M. Lee Smith Publishers is the only company in America that produces a state-specific employment law newsletters for all 50 states plus Washington, D.C. The 51 newsletters are researched and written by attorneys in each of the states, under the umbrella of National Employers Counsel Network.

With its other newsletters for human resources professionals and attorneys, M. Lee Smith produces more than 80 newsletters. It also has its own printing division, which produces and mails its own and others' newsletters.

In the fall of 2003, M. Lee Smith (the person) and Dan Oswald entered into an agreement whereby Oswald would come on board as president with an option to buy the company. At the time, Lee Smith said the plan "will allow for the orderly transition of M. Lee Smith to new ownership under the talented leadership of Dan Oswald.

"A major benefit of this arrangement with Dan Oswald," Smith continued, "is that both the publishing and the production divisions of the company, and the company's 135 employees, will remain in place in Nashville, in the 42,000 square-foot building the company has occupied since 1996."

The purchase and the future

Although the terms of the transaction were not disclosed, Dan told us, "The senior financing was provided by Fifth Third Bank's structured finance group out of Chicago, the subordinated financing was provided by Prairie Capital LLP of Chicago, and Lee did agree to hold a portion of the price as a seller note."

Lee Smith will continue, for the next five years, under contract with the company and will retain his title as chairman.

Smith said, "Dan Oswald will bring a lot of enthusiasm and new ideas to the company. In fact, he already has, since first joining us in 2003. Dan is extraordinarily bright, has many years of experience in the newsletter and seminar and conference business, has very strong people skills, and, most important, is a person of the utmost integrity."

Oswald told NL/NL, "My main focus for the company is going to be growth. We have a number of new initiatives for the company in 2005 that include newsletter launches, a new conference, a seminar series and a number of books and manuals."

He concluded, "Lee has created a great company with a strong brand that should provide a good platform for continued growth."

M. Lee Ssmith Publishers, 5201 Virginia Way, P.O. Box 5094, Brentwood, TN 37024, 615-373-7517, fax [phone], www.mleesmith.com