News | Press Releases
For Immediate Release
BIA Digital Partners Invests in Zweig White
Investment Refinances Existing Debt and Supports the Company's Future Growth Plans
CHANTILLY, VA. - June 27, 2005 - BIA CDigital Partners LP, a private equity firm providing junior capital to middle-market companies in the media and telecommunication industries, announced today its investment of $5 million in Zweig White Information Services to refinance existing debt and support the Company's future growth plans. Headquartered in Chicago, and with offices in Boston, Washington DC and San Francisco, Zweig White provides need-to-know information and business intelligence through its customized research and advisory services, magazines, newsletters, conferences and expositions. The Company's products and services are exclusively focused on the Architecture, Engineering, and Construction industries, commonly known as the AEC space.
Dick Ryan, President and CEO of Zweig White Information Services, said, "The AEC space is enormous with $900 billion of annual construction serviced by 80,000 architecture and engineering firms in the United States alone. The investment by BIA Digital Partners provides the company with the necessary liquidity and growth capital to achieve our goals, and their knowledge of the information services industry will be invaluable to us going forward."
BIA Digital Partners has made 14 new investments in the past three years, with three of those in the business publishing and information services segments.
Scott Chappell, Director of BIA Digital Partners, commented, "Zweig White Information Services provides critical information and expertise to an important and growing market. Dick Ryan and his management team have this company on the right strategic path, and we are confident in their ability to effectively grow the company." As part of the deal, Chappell was recently appointed as a member of Company's Board of Directors. Kennedy Covington Lobdell & Hickman provided legal assistance to BIA Digital Partners.
Zweig White Information Services' business information resources include magazines (e.g., CE News, Structural Engineer, Bridges, Lift Applications and Equipment, and Crane Works); expositions/events (e.g., Enviro Expo, AEC Technology Strategies); research products (e.g., The Zweig Letter); and advisory services for business, strategy, finance and human resources. MidAmerica Bank is the Company's senior lender. Cardinal Growth, a Chicago-based private equity firm, is the primary financial sponsor of the Company.
"The transaction process was very smooth, and we are looking forward to working with BIA Digital Partners. They were able to structure a deal that made sense to the Company and to our largest investment partner, Cardinal Growth," noted Jeff Blumberg, Zweig White Information Services' Chief Financial Officer.
For more information on Zweig White, you may visit the company's website at www.zweigwhite.com.