By: E&P Staff Bain Capital Ventures and Shamrock Capital Growth purchased Publishing Group of America (PGA), owners of newspaper magazines American Profile and Relish, from majority owner Quadrangle Capital Partners.
Terms of the deal were not disclosed.
"We're buying a jewel in the media business," Paul Zurlo, venture partner at Bain, said in a statement. "The growth is available in magazines, digital, and branded products, and we intend to push the throttle to take advantage of them all."
The new owners are investing in PGA, starting with the launch of a new health magazine, Spry, slated for September with a distribution of 9 million in suburban markets.
"Even with a great track record to date, we expect to accelerate growth from here," Dick Porter, CEO of PGA, said in a statement. "We are just getting started.
PGA publishes American Profile, targeted at small town community newspapers with a circulation of 9 million and Relish, the monthly food magazine distributed in 6.8 million suburban markets. In addition, PGA is the owner of Texas Profile. The company also publishes books, syndicates content to newspapers, and maintains a record-label.
PGA will keep its current management and Franklin, Tenn. headquarters.
Dan Hammond founded PGA in 2001 before selling to Quadrangle, an early-stage private equity firm.
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