M&A Deal Summary

GateHouse Media Acquires Herald Media

On June 6, 2006, GateHouse Media acquired publishing company Herald Media from Weston Presidio, Audax Private Equity and Halyard Capital for 230M USD

Acquisition Highlights
  • This is GateHouse Media’s 2nd transaction in the Publishing sector.
  • This is GateHouse Media’s largest (disclosed) transaction.
  • This is GateHouse Media’s 2nd transaction in the United States.
  • This is GateHouse Media’s 1st transaction in Massachusetts.

M&A Deal Summary
Date 2006-06-06
Target Herald Media
Sector Publishing
Buyer(s) GateHouse Media
Sellers(s) Weston Presidio
Audax Private Equity
Halyard Capital
Deal Type Add-on Acquisition
Deal Value 230M USD

Target

Herald Media

Boston, Massachusetts, United States
Herald Media is the most powerful advertising and news medium in eastern Massachusetts. For readers, Herald Media's online and print publications offer strong, grassroots journalism written, photographed and edited by people whose foundations are within the communities they serve.

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Buyer(S) 1

Buyer

GateHouse Media

Fairport, New York, United States
Category Company
Sector Media
DESCRIPTION

GateHouse Media, Inc. is one of the nation’s largest local media companies as measured by its daily publications.

DEAL STATS #
Overall 2 of 3
Sector (Publishing) 2 of 3
Type (Add-on Acquisition) 2 of 2
State (Massachusetts) 1 of 1
Country (United States) 2 of 3
Year (2006) 2 of 2
Size (of disclosed) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2006-05-09 Enterprise NewsMedia

Fairport,, New York, United States

Enterprise NewsMedia publishes two suburban daily papers with long-established franchises and thirteen award-winning weekly newspapers all strategically clustered in the attractive South of Boston region. The combined circulation of its two daily newspapers, The Patriot Ledger and The Brockton Enterprise, is approximately 88,000, with week-end circulation of approximately 106,000.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2014-07-01 American Consolidated Media

Dallas, Texas, United States

American Consolidated Media, LP ("ACM") is a publisher of community newspapers and shopping publications.

Buy -

Seller(S) 3

SELLER

Weston Presidio

Boston, Massachusetts, United States

Investor Investor

Category Private Equity Firm
Founded 1991
PE ASSETS 3.3B USD
Size Large
Type Sector Agnostic
DESCRIPTION

Weston Presidio is a private investment firm focused on providing growth capital to later stage companies. The Firm looks to commit $10 to $50 million per investment to support growth initiatives, recapitalizations, and management-led buyouts. Sectors of interest include consumer products/services, business services, manufacturing and industrial, media/publishing, healthcare and technology. The Firm prefers to act as the lead investor, but will consider investing in select non-control minority positions. Weston Presidio was formed in 1991 and is based in Boston, Massachusetts.

DEAL STATS #
Overall 17 of 52
Sector (Publishing) 2 of 2
Type (Add-on Acquisition) 5 of 23
State (Massachusetts) 1 of 4
Country (United States) 17 of 49
Year (2006) 4 of 5
Size (of disclosed) 11 of 18
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2006-04-24 Robb Report Media

Los Angeles, California, United States

Robb Report Media LLC is a provider of publishing businesses for more than two decades. Robb Report Media with its current family of publications serves the ultra-luxury markets with a powerful network of leading lifestyle publications, including the world's most acclaimed journal of connoisseurship, Robb Report, as well as The Robb Report Collection, Art & Antiques, Robb Report Sports and Luxury Auto and Robb Report Vacation Homes. Robb Report Media is based in Los Angeles, California.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2006-06-30 Cellu Tissue Holdings

Alpharetta, Georgia, United States

Cellu Tissue manufactures and markets a variety of specialty tissue hard rolls and machine-glazed paper used in the manufacture of various end products, including diapers, facial and bath tissue, assorted paper towels and food wraps. In addition, Cellu Tissue produces a variety of converted tissue and paper towel products.

Buy $162M
SELLER

Audax Private Equity

Boston, Massachusetts, United States

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 1999
PE ASSETS 19.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Audax Private Equity is a private equity firm focused on acquiring control positions in a variety of mid to large North American headquartered companies. The Firm segments its activities into lower middle-market and larger scale investing. Within its larger group, Audax targets profitable businesses valued up to $800 million and within its lower middle-market group, the Firm seeks companies valued up to $125 million. Sectors of interest include business services, consumer products/services, financial services, healthcare services, industrial services, software, and technology. Audax has a special interest in businesses that can benefit from a buy and build investment strategy for growth. Audax Private Equity was formed in 1999 and is based in Boston, Massachusetts.

DEAL STATS #
Overall 8 of 102
Sector (Publishing) 1 of 1
Type (Add-on Acquisition) 5 of 35
State (Massachusetts) 3 of 8
Country (United States) 8 of 97
Year (2006) 4 of 5
Size (of disclosed) 15 of 21
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2006-05-24 ColorMatrix

Berea, Ohio, United States

ColorMatrix Group, Inc. is a manufacturer of liquid color and additive concentrates for thermoplastic products. ColorMatrix serves customers in the blow molding, industrial extrusion, and performance molding industries who manufacture beverage bottles, vinyl siding, vinyl pipe, and other plastic products.

Buy $175M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2006-06-26 Winchester Interconnect

Wallingford, Connecticut, United States

Winchester Interconnect is a provider of custom engineered interconnect solutions for diverse, growing end markets requiring high reliability and application specific expertise. Winchester designs and manufactures RF coaxial, board-to-board and power interconnects, as well as cable assemblies, for the telecommunications, computer, and test & measurement industries.

Buy -
SELLER

Halyard Capital

New York, New York, United States

Investor Investor Investor

Category Private Equity Firm
Founded 2000
PE ASSETS 600M USD
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

Halyard Capital is a private equity firm that focuses exclusively within the media, communications and business services industries. Halyard looks to commit between $10 and $40 million of equity per transaction in companies valued up to $250 million. Investments are typically made to help support leveraged buyouts, growth equity and other structured investments. Halyard will consider both control and non-control investment situations and prefers North American based opportunities. Halyard Capital was formed in 2000 and is based in New York, New York.

DEAL STATS #
Overall 8 of 26
Sector (Publishing) 2 of 4
Type (Add-on Acquisition) 3 of 15
State (Massachusetts) 2 of 4
Country (United States) 8 of 26
Year (2006) 2 of 3
Size (of disclosed) 2 of 6
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2006-03-03 TCP Communications

Beverly, Massachusetts, United States

TCP Communications LLC owned communications towers for wireless service providers.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2006-09-12 EducationDynamics

Lenexa, Kansas, United States

EducationDynamics is a provider of web-based marketing, enrollment, and retention products and services to post-secondary institutions. EducationDynamics was founded in 2005 and is based in Lenexa, Kansas.

Buy -
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