Credit Suisse First Boston and JPMorgan are prepping a bank financing to back JPMorgan Partners $650 million acquisition of HanleyWood from private-equity firm Veronis Suhler Stevenson. Washington, D.C.-based HanleyWood is a business-to-business media company serving the residential and commercial construction industries. Further details of the financing could not be determined by press time.
The two banks are also leading up to $350 million in debt to finance ABRY Partners' acquisition of F+W Publications from Providence Equity Partners for $500 million.
Penny Koenig, a partner at Boston-based private-equity firm ABRY, previously told LMW that there is a very vibrant M&A market right now, with a multitude of Business-to-Business publishing companies being auctioned off. "The market has recovered after several years of slow-to-negative growth. These businesses are doing much better, and sellers can take advantage of the cash flows," she stated, adding that there is a prudent amount of financial leverage currently available (LMW, 6/24). F+W reportedly has $50 million of EBITDA.