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The "printernet" publisher of Apartment Guide and ApartmentGuide.com helps consumers find new homes
Primedia, the publicly traded company that publishes Apartment Guide and runs a number of websites to help consumers find new homes, announced Monday that it has agreed to be acquired by affiliates of private investment firm TPG Capital, in a deal that totals approximately $525 million.
The company was originally founded as Haas Publishing in 1975 when it began publishing and distributing its flagship Apartment Guide catalog, which can now be found in virtually any gas station and grocery store in the country. Over 15 million print Apartment Guide catalogs are published every year and distributed across 74 markets. Primedia has since expanded to digital formats as well, in what it calls a “printernet” blended media product that includes ApartmentGuide.com, which sees over 20 million unique visitors each month.
Other sites that the company oversees include Rentals.com, which contains over 50,000 listings for single family homes, townhomes and condos, as well as some select listings of apartments from ApartmentGuide.com. The site sees over 25 million unique visitors per year.
And for those looking to buy property, there’s New Home Guide and NewHomeGuide.com, a bimonthly guide for real estate that spans 27 markets in 18 states. The print catalog sees some seven million publications each year, and the website sees approximately five million unique visitors per year.
The transaction has already been approved by stockholders, who hold 58% of outstanding Primedia common stock, in a written consent form, and will each receive $7.10 per share in cash.
"Primedia is a leading resource for consumers in search of housing," said TPG Principal David Trujillo in a statement. "We believe the Company will benefit from the continuing secular transition from print to digital media and we look forward to building upon the Company’s innovative products and services for consumers searching for the ideal place to live."
TPG Capital was founded in 1992 and currently has $48 billion in assets under management, with offices in San Francisco, Beijing, Fort Worth, Hong Kong, London, Luxembourg, Melbourne, Moscow, Mumbai, New York, Paris, Shanghai, Singapore and Tokyo. The firm has invested in a wide range of explosive Internet companies, including Sabre/Travelocity/Lastminute, Hotwire, Univision, and Creative Artists Agency. TPG also has a keen eye on eCommerce and Internet retail ventures, with investments in NeimanMarcus.com, PETCO.com, JCrew.com and Become.com.
The deal is expected to close in the third quarter of 2011.
Image source: Primedia.com
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