LOVELAND, Colo./EWORLDWIRE/Sep. 5, 2006 --- Aspire Media, LLC, a company formed by Clay B. Hall to acquire consumer enthusiast media businesses with the backing of private equity firms Frontenac Company and Catalyst Investors, today announced that its subsidiary, Interweave Press, completed its purchase of Gems Group, a magazine publisher and event operator for gem, bead and jewelry arts enthusiasts owned by Primedia, Inc. (NYSE:PRIM). Terms of the transaction were not disclosed by Aspire Media or Interweave Press.Gems Group Publisher Joe Breck will continue to serve as group publisher of Lapidary Journal, Step by Step Beads, Step by Step Wire, and Colored Stone magazines and related events from the current location in Malvern, Pennsylvania. The acquisition also includes numerous special interest publications, including the Tucson Show Guide, Wedding Jewelry, Creative Jewelry, and Step by Step Clay Jewelry; five of the foremost special events in this enthusiast market, including Jewelry Arts Expo and Bead Fests; and a leading craft web site.
Breck said, "We have a talented and cohesive group here, and I am excited that Interweave Press wants us to continue to build this company with our current staff from our current location. Under Interweave's ownership, we expect that we’ll be able to thrive and continue to grow."
Aspire Media's Chief Executive Officer Clay Hall said the acquisition by its Interweave Press, LLC unit helps implement Aspire's strategy to acquire and build upon strong enthusiast magazine titles, expanding their franchises through the acquisition and development of related directories, Web sites, affinity clubs, database marketing, television programming and events.
"Our acquisition of Interweave Press — publisher of such well-known titles as Beadwork, Stringing, Interweave Knits, Handwoven, Spin-Off, PieceWork and Fiberarts — in June 2005, followed by our acquisition of Bead Expo earlier this year, helped establish us as a leader in this market," said Hall. "Now, with the addition of the Gems Group media properties and events, Interweave Press is the leading and most trusted source of information for beading and jewelry making enthusiasts."
Linda Ligon, founder and creative director of Interweave Press, said, "We've had a long-standing relationship with Joe Breck and his group based on mutual trust and respect. We look forward to being able to offer advertisers, exhibitors and sponsors an opportunity to reach even more enthusiasts at different stages of their skills and interests."
The following is a brief description of the assets Aspire Media is acquiring:
- Lapidary Journal is published 12 times annually. Founded in 1946, it is the world's oldest how-to-journal targeting the jewelry artist and mineral collector audiences. It provides step by step lessons on jewelry making, business advice on marketing jewelry, show calendars, and product indices.
- Colored Stone is published six times annually and is the only trade publication reporting on all facets of the colored gemstone industry, including worldwide events, mining, distribution, processing, marketing, and consumer trends.
- Step by Step Beads was founded in 2004, is published six times annually and serves a growing market of beading enthusiasts who want easy-to-follow directions for making both simple and complex beaded jewelry and accessories.
- Step by Step Wire Jewelry was founded in 2005, is published four times annually and teaches beginners and advanced jewelry makers to make creative and attractive wire jewelry.
Additionally, six special events operated under the GEMS banner were acquired by Aspire Media:
- Jewelry Arts Expo, held in Fort Washington, Penn.; Bead Fest Memphis, Bead Fest Atlanta, and Bead Fest Philadelphia, which will be held in October 2006, Wire Jewelry Expo; and Jewelry Fest, to be held in Wilmington, Del. in December 2006.
Aspire Media will host a media conference call on Tuesday, September 5, 2005 at 1 p.m. EDT (11:00 a.m. MDT) to discuss the transaction. To participate, interested parties should dial 1-800-675-8812 / conf. ID 8953564.
About Aspire Media, LLC
Aspire Media is an acquirer and publisher of consumer enthusiast magazines. Aspire was founded by Clay B. Hall, an experienced publishing professional and former owner-operator of enthusiast magazines, with the backing of private equity firms Frontenac Company and Catalyst Investors. Aspire is actively pursuing acquisitions of enthusiast media companies that impart "how-to," "where-to," and "when-to" information to participants involved in crafts, hobbies and other special interests. For more information on Aspire Media, please visit www.aspire-media.com or call 970-613-6628.
About Interweave Press, LLC
Interweave Press, a unit of Aspire Media, has provided need-to-know information to committed craft hobbyists for more than 30 years. Linda Ligon launched the company's first magazine titles, Handwoven and Spin-off in the 1970s, and in the 1990s, the company launched Interweave Knits, Beadwork and PieceWork magazines. In 2004 the company acquired Fiberarts, a 30-year-old art magazine. Interweave Press also publishes numerous best selling, how-to craft books on the same subjects as the company's magazines. For more information on Interweave Press, please visit www.interweave.com or call 970-669-7672.
About PRIMEDIA
PRIMEDIA is the leading targeted media company in the United States. With 2005 revenue of $990 million, its properties comprise over 100 brands that connect buyers and sellers through print publications, Internet, events, merchandise and video programs in three market segments:
- Enthusiast Media is the #1 special interest magazine publisher in the U.S. with more than 90 publications, 100 leading Web sites, 90 events, 11 TV programs, 600 branded products and has such well-known brands as Motor Trend, Automobile, Automotive.com, Equine.com, In-Fisherman, Power & Motoryacht, Hot Rod, Snowboarder, Stereophile, Surfer, and Wavewatch.com.
- Consumer Guides is the #1 publisher and distributor of free consumer guides in the U.S. with Apartment Guide, Auto Guide and New Home Guide, distributing free consumer publications through its proprietary distribution network, DistribuTech, in more than 50,000 locations. The Group owns and operates leading Web sites including ApartmentGuide.com, AutoGuide.com, NewHomeGuide.com and RentClicks.com.
- Education includes Channel One, a proprietary network to secondary schools and PRIMEDIA Healthcare, a continuing medical education business.
About Frontenac Company
Frontenac Company is a Chicago-based private equity investment firm with more than $1 billion under active management. Through its CEO1st(R) investment approach, Frontenac teams with proven executives to acquire and grow middle market companies in a range of industries. Frontenac has extensive experience meeting the needs of owner-operators as they address complex transition issues, spanning liquidity, executive team enhancement and growth. Frontenac is an active investor in the publishing and information services market having invested in 3E Company, an information services provider, 101Communications, a B2B publisher, and ypOne Publishing, a mid-sized independent yellow page publisher. For more information on Frontenac, visit www.frontenac.com or call 312-368-0044.
About Catalyst Investors
Based in New York City, Catalyst Investors is a private equity fund that provides equity capital to companies in the media, communications and related Internet services industries. It focuses on growth areas within the middle market, investing $5 to $30 million alongside management teams to fund expansion, acquisitions or recapitalizations. In addition to capital, Catalyst brings extensive industry experience and a broad network of relationships that includes a select group of prominent industry operating partners. For more information, visit www.catalystinvestors.com or call 212-863-4848.
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