Springer Science & Business Media, which is owned by European buyout firms Candover and Cinven, has sold its construction information business to London-based GMT Communication Partners, a buyout firm focused on deals in the media and communications sector, for an undisclosed amount.
GMT will merge this business with Docu Group, another information provider in its portfolio, to create a company with sales of more than €100 million.
Candover and Cinven created Springer in September 2003 when the two firms bought Bertelsmann’s publishing business for €1 billion and merged it with Kluwer Academic Publishers, which had been bought from Wolters Kluwers in January 2003 for €600 million.
Springer’s construction information business, which provides information to construction companies in Germany, Austria, Switzerland and central and eastern Europe, generated sales of nearly €80 million in 2006.
GMT bought Docu Group, a provider of database information to the construction and property industries, from a private owner in 2004. The business generated sales of €21 million in 2006.
Founded in 1992, GMT has invested in 25 companies in the European media and communications sector.