Westward Chain Sold to Investors

Posted Wednesday, January 22, 2003 12:00 am

By: American Securities Capital Partners (ASCP), a private-equity investment group in New York, said it has acquired a controlling interest in Westward Communications of Houston from an investor group led by Stonehenge Partners of Columbus, Ohio. The partners valued the transaction at approximately $100 million.

Westward publishes 61 community newspapers in Texas and Colorado, including two dailies, the Courier of Conroe, Texas, and the Pasadena (Texas) Citizen. The other properties are paid and free weeklies.

Westward also has a printing contract for USA Today with Gannett Co. Inc.

ASCP said Westward's management will remain in place, including CEO Robert McMaster, Chief Operating Officer J. Tom Graham, Colorado Group President Steven Lencke, and Production Vice President Thomas Farrell.

ASCP Managing Director Paul Rossetti said the papers serve over 900,000 households in aggregate.

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Westward Chain Sold to Investors

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