Schein Publications Acquired by Wasserstein Perella Private Equity Affiliate.
Schein Will Serve As Platform for Wasserstein's Entry into
Real Estate Publishing
U.S. Equity Partners, L.P., the private equity affiliate of Wasserstein Perella Group, Inc., announced today that one of its holdings, Real Estate Media, Inc., has acquired Schein Publications from Gerald and Jonathan Schein. Terms of the transaction were not disclosed.
Headquartered in New York City, Schein Publications is a leading business-to-business publisher serving the commercial real estate market both regionally and nationally. Its flagship magazines, Real Estate Forum and Real Estate New York, cover a range of topics including development, investments, leasing and sales, technological advancement and real estate law. The magazines also offer insight into market trends and dynamics through interviews with industry leaders and market makers. Real Estate Forum, now celebrating its 53rd year, is the oldest national publication serving the commercial real estate industry.
Jonathan Schein will continue to operate the publications on a day-to-day basis as Publisher of the magazine group that also includes Residential Business New York, a newsletter, and New York Builders and Realtors Handbook, a regional directory.
U.S. Equity Partners said it intends to expand upon the existing Schein business on many fronts, by leveraging its publishing expertise gained through assembling American Lawyer Media, Inc., the nation's leading legal journal organization. "We are thrilled to be acquiring such a strong core of publications in Schein," said Anup Bagaria, a vice president at Wasserstein Perella & Co. "We are excited about the prospects for the future and intend to grow the business aggressively, both through acquisitions and new products launches."
Jonathan Schein said, "This is an incredible opportunity to grow this company as the dominant source of real estate information for the 21st century."
Gerald D. Schein, who has been the majority shareholder of Schein Publications of the last 21 years, said, "The time is more than ripe for this transaction. Wasserstein's plans for Real Estate Media, Inc. will fulfill my objectives for our company. The Wasserstein imprint will further enhance and ensure those goals." Gerald Schein will continue as a director and consultant to Real Estate Media, Inc.
U.S. Equity Partners, L.P. is a private equity investment fund sponsored by Wasserstein Perella Group, Inc., a leading international investment bank that provides its clients with advisory services, equity and debt underwriting, merchant banking and other asset management services worldwide. U.S. Equity partners also controls other companies including American Lawyer Media and All-Clad cookware. Wasserstein Perella has office in New York, Chicago, Los Angeles, San Francisco, Dallas, London, Paris, Frankfurt and Tokyo.
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|Date:||Apr 14, 1999|
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