Recognition Group Press Release
April 13, 2003Source: Recognition Group, LLC
Wicks Business Information Acquires Venture Reporter
April 14, 2003
5:00 pm ET
Wicks Business Information Acquires Venture Reporter Products; Recognition Group Drives Sale of industry-leading venture products
New York, NY, (April 14, 2003) - In a deal that further enhances its position as the preeminent provider of venture capital and private equity information services, Wicks Business Information, LLC (WBI) announced it has acquired the Venture Reporter database and related Rising Tide Studio (RTS) products from MCG Capital. Recognition Group, LLC, a full-service restructuring advisory and principal investment firm, acted as financial advisor to RTS.
The Venture Reporter Gold Pass database, industry reports and Venture Reporter magazine (www.venturereporter.net), track venture capital investing in addition to merger and acquisition activity in the U.S. This product group also includes daily and instant e-mail updates on the venture industry, various sector-specific reports, and venture capital conferences for U.S. entrepreneurs and their financial backers.
Recognition Group, LLC advised RTS on the sale of the Venture Reporter assets to Wicks. Recognition Group's role included operational and financial restructuring prior to the sale, including the reduction of amounts owed to RTS' secured and unsecured creditors.
“In completing the sale of RTS’ assets, Recognition Group successfully navigated a difficult and complex transactional structure,” said Doug Manoni, founder and chief executive officer of Wicks. “Their proficiency and persistence was instrumental in the completion of the transaction.”
"Recognition Group did an excellent job in not only helping us stabilize and turnaround our business, but also in creating a road map of where the company could go,” said Jason McCabe Calacanis, founder of Rising Tide Studio. He added, "We would not have closed the transaction without the Recognition Group team. They gave us 110% of their effort for the duration."
The Venture Reporter product line will become part of WBI's Alternative Investor (AI) business unit, whose premier database, VentureSource, is the preferred choice among large venture firms and service firms. AI's flagship newsletter, The Private Equity Analyst, is the authoritative voice of the private equity and venture capital markets.
The flagship products of AI include: The Private Equity Analyst newsletter, covering private equity fundraising and investment; VentureSource, an internet database of financial and valuation information on startups and investors worldwide; The Directory of Alternative Investment Programs, profiles institutional investors and their investments in private equity; and The Private Equity Analyst Conference and VentureOne Summit, the nation's leading private equity and venture capital events.
About Wicks Business Information
Wicks Business Information, based in Fairfield, CT, an affiliate of The Wicks Group of Companies, L.L.C. (www.wicksgroup.com), concentrates on growth by acquisition and development of business publications, databases, conferences and specialized information products serving the financial industry and the general business sector. The WBI portfolio also includes Investment Advisor and Treasury & Risk Management franchises, as well as the Briefings and Georgetown Publishing Groups of professional development media. Additional information is available at www.wicksbusinessinfo.com.
About Recognition Group
Recognition Group is a full-service restructuring advisory and principal investment firm that serves small and mid-market companies in transition. The firm, with offices in New York and Washington DC, has two operating units: Restructuring Advisory Practice advises its clients on how best to maximize the financial value of companies in transition; its Principal Investment Practice leverages the resources of the advisory practice to source, analyze, and invest in distressed investment opportunities. Recognition Group’s core team has over 75 years of experience in operational and financial restructuring, and the firm's affiliate network of turnaround executives includes several of the country's leading experts on restructurings and insolvency-context acquisitions. Additional information is available at www.recognitiongroup.com.
Contact:
Recognition Group, LLC
Kaleil Isaza Tuzman
W. Montgomery Cook
212/886-8650
Source: Recognition Group, LLC