Canon Communications LLC, which owns Injection Molding Magazine, Plastics Machinery & Auxiliaries, Modern Plastics Worldwide and medical trade magazines, has a new owner.
The deal includes Canon's 15 trade magazines and 15 trade shows, including Plastec East and West, Medical Design & Manufacturing, OEM New England and Atlantic Design & Manufacturing.
Apprise Media LLC announced April 21 it will buy Los Angeles-based Canon from Veronis Suhler Stevenson, a media merchant bank. The Daily Deal financial Web site estimated the acquisition is worth about $200 million.
Apprise and Veronis Suhler are based in New York.
Veronis Suhler had owned Canon Communications since 1996, when it bought the publisher of Injection Molding Magazine from Abby Communications Inc. Then, in 1999, Veronis Suhler bought Modern Plastics from McGraw-Hill Cos. Inc. Canon then picked up PM&A in 2001.
Apprise Media is a specialty magazine publisher established in 2004 by Charles McCurdy, a co-founder of New York media company Primedia Inc. In January, Apprise Media bought Beckett Publications, known for its guides to collectible sports trading cards.
Apprise said Canon and Beckett will operate as separate companies, each with its own management.
McCurdy said the deal gives Apprise Media a strong operating base in business-to-business media. ``We believe that the B2B media segment is in the early stages of a cyclical upturn and that well-positioned companies like Canon have strong growth potential,'' McCurdy said in a news release.
The company expects to make add-on acquisitions in that segment, he said.
Spectrum Equity Investors is backing Apprise Media in the acquisition. Together, Apprise and Spectrum have committed $175 million to $200 million of Spectrum's capital for investments in the niche media and publishing businesses.
Spectrum, based in Boston, New York and Menlo Park, Calif., manages more than $4 billion in capital. It has invested in several other media-related companies.