Fort Atkinson, WI – Cygnus Business Media sold its Heavy Construction and Logistics Group, which includes the National Pavement Expo, to a new publishing company that is based in the same city and led by a former Cygnus executive.
AC Business Media Inc. paid an undisclosed sum for the Cygnus properties in a deal that was finalized August 11.
“We are pleased that we found a buyer for these profitable multi-platform properties serving the heavy construction and logistics print and digital publications business,” said Cygnus CEO John French. The sale took place about one year after Cygnus sold its Agriculture Group, including its portfolio of regional farm shows, to the American Farm Bureau Federation. Cygnus has also placed its Public Safety Group on the block.
Along with National Pavement Expo, AC Business Media acquired nine publications and related websites.
The 30th annual National Pavement Expo will take place in Nashville on January 28-31. The 2014 show in Fort Lauderdale drew 78 exhibitors. Metrics for exhibit space and attendance were not immediately available.
The Cygnus employees who staffed the group will transition to AC Business Media, which is fortuitously located in Fort Atkinson, the same city where Cygnus is based.
AC Business Media was formed recently by Chairman and Co-owner Anil Narang and CEO and Co-owner Carl Wistreich. Executive Vice President Kris Flitcroft, who will oversee the new properties, was an executive vice president of Cygnus’ Residential, Construction, Landscape and Facilities Group. “The opportunities for growth and investment that the new company presents has our team extremely excited,” said Flitcroft.
Corporate Solutions, LLC represented Cygnus in the sale and saw the deal as a launching pad for further acquisitions by AC Business Media. “AC was the winning bidder after careful consideration of several other offers by strategic and financial buyers,” said Corporate Solutions President Nick Curci. “This transaction will help AC expand their strategic goals to other publishing, trade show and digital properties in the b-to-b space.”