JEGI CLARITY has advised Gannett Co. on the sale of its B2B information subsidiary, BridgeTower Media, to Transom Capital Group, adding to the firm’s successful track record with complex corporate divestitures.
BridgeTower Media is a business media and marketing platform providing authoritative content within the legal, construction, legislative and retail sectors through more than 40 print and digital brands. In addition to providing subscribers with content relevant to their daily professional activities, BridgeTower provides lead generation services; live events centered on awards, employee recognition and education; and research focused on employee satisfaction.
BridgeTower was previously the stand-alone, B2B information subsidiary of Gannett Co., who retained JEGI CLARITY to assess and assist with divestiture opportunities following the merger of Gannett Co. and Gatehouse Media. JEGI CLARITY worked closely with BridgeTower leadership to plan and execute a transaction that maximized value to Gannett while positioning BridgeTower for continued investment, growth and development.
Transom Capital is a leading operations-focused private equity firm in the middle market with a proven ARMOR Value Creation Process for improved operational efficiency and significant top-line growth. Cerberus Business Finance provided the financing for the transaction.
We engaged JEGI CLARITY in mid-March 2020 to run the sale process for our parent company, Gannett Co. Five days later, New York’s statewide stay-at-home order went into effect, but that didn’t stop JEGI CLARITY from conducting a remarkably coordinated and effective process, primarily through video conferencing and virtual datarooms. The firm reached out to 150 strategic and private equity buyers, coordinating nearly 20 fireside chats and management presentations, and working with our team to present a clear picture of the decisive and transformative steps we took to keep the business on course. JEGI CLARITY did a tremendous job in pushing multiple groups through the process, highlighting the viability and enhanced profitability of our virtual events, and driving strong value for Gannett, despite complicated economic, market and carveout dynamics for the deal. Congratulations, JEGI CLARITY!Adam Reinebach, CEO, BridgeTower Media