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Avista buys publisher from MidOcean

In a $200m deal, the Credit Suisse spin-out has agreed to acquire 50 percent of Thompson Publishing Group, the other half of which it obtained from Credit Suisse in July.

Private equity firm Avista Capital Partners has agreed to acquire MidOcean Partners’ interest in Thompson Publishing Group, a subscription-based information services provider, MidOcean said in a statement.

MidOcean’s interest amounted to 50 percent of Thompson Publishing.

The terms of the agreement were not disclosed, but a source close to the deal said the transaction value was approximately $200 million (€156 million). The deal is expected to close before the end of the year, the statement said.

New York-based Avista bought the other 50 percent of Thompson Publishing from DLJ Growth Capital, a Credit Suisse private equity fund, for $130 million in July. Thompson Dean, the former head of DLJ Merchant Banking, and 15 of his former colleagues at Credit Suisse First Boston, formed New York-based Avista Capital Partners in September of 2005.

Founded in 1972 and based in Washington, DC, Thompson Publishing specialises in material regarding laws and regulatory mandates. More than 100,000 people subscribe to its 350 handbooks, news letters and reference services, including professionals from the human resources, education, environment, healthcare, government and banking fields.

MidOcean Partners focuses on middle market transactions in the consumer and leisure, media and communications, business and financial services, entertainment and industrial sectors. Spun out of Deutsche Bank in 2003 and based in New York and London, it is led by chief executive officer Ted Virtue.

MidOcean and Avista joined forces to acquire American Health Consultants, a publisher of healthcare newsletters, in August, the statement said.