Tuscaloosa, AL – Randall Publishing Co. announced on November 1 that its controlling shareholders – the family and estate of H. Pettus Randall III – have sold all of their interests to Randall-Reilly Publishing, LLC. The new entity was formed by F. Mike Reilly, Randall’s CEO, and Wachovia Capital Partners of Charlotte, NC.
The company organizes The Great American Trucking Show, which features over 500 exhibitors and draws 45,000 attendees. The diversified company also publishes 30 magazines and directories serving the trucking and construction industries and owns 35 websites, radio programs, a billboard company, and a database and research group. Terms of the sale and the new equity interests were not disclosed.
Randall Publishing Co. was founded in 1934. Former Chairman Pettus Randall was fond of saying: “At five o’clock each day, 99% of our assets walk out the door.” Randall Publishing’s Chairman Dr. Cathy Randall said that Wachovia understands the company culture, which is based on partnership, mutual respect and high performance expectations. “They also have the expertise and resources to help Mike and his management team, along with Randall’s 400 associates, lead Randall to even greater heights.” Randall Publishing was named the 22nd largest publishing company in 2000 by Folio: magazine and one of the fastest-growing.
Wachovia has invested in more than 200 businesses since 1988, many of them in publishing, says Sean M. Smith, Principal of Wachovia Capital Partners. Wachovia recently complete two transactions involving exposition service contractors. On September 15th, it acquired the George E. Fern Company, and four days later, completed an equity investment in Champion Exposition Services, Inc. (read more at www.tradeshowexecutive.com/TheVault.asp). The nearly $70 million acquisition of Fern was Wachovia’s first venture into the exposition industry.
“We are very excited about the partnership with Randall-Reilly Publishing Co. and look forward to working together with management to support their vision for the next chapter of the company’s growth,” he says.