LAWRENCEVILLE, GA (Jan. 7, 2005) – ABRY Partners completed the sale
of Network Communications, Inc. (NCI), the leading publisher and
provider of printed and online real estate information and advertising
in North America, to Citigroup Venture Capital (CVC).
distributes more than 10 million magazines each month representing more
than 500 markets in the U.S., Canada and Mexico. Network
Communications' main print publications are The Real Estate Book and
Apartment Finder. The Company also operates the website
www.livingchoices.com, which attracts over 800,000 visitors per month
and a relocation center that fulfills over 750,000 book requests per
ABRY purchased Network Communications in June of 2002 as
part of a focused investment strategy targeted at locally oriented
specialty publishing opportunities. ABRY partnered with Dan McCarthy,
who became the Chief Executive Officer when the Company was acquired.
Over the course of almost three years of ABRY ownership, the Company
exceeded its investment plan of organically growing revenues, improving
operating margins and making strategic acquisitions. The strong growth
of the business made the company an attractive acquisition opportunity
for CVC and the purchase price represented an excellent return on
investment for ABRY Partners.
"We weren't shopping the company, but Citigroup made a pre-emptive bid," said Mr. McCarthy.
Both Mr. McCarthy and Gerry Parker, the Chief Financial Officer, remained with the Company upon closing.
Partners, based in Boston, is one of the oldest and largest private
equity funds in North America investing exclusively in media and
communications companies. ABRY has over $7.0 billion of assets under
management and since 1989 has completed over $17.0 billion of leveraged
transactions in the media and communications industries.