Virginia Business has been publishing its monthly magazine for over 35 years. (Courtesy Virginia Business)
The media company that owns Virginia Lawyers Weekly and dozens of other industry publications across the country has added Virginia Business to its portfolio.
The Richmond-based business newsmagazine was acquired Wednesday by BridgeTower Media, a North Carolina-based company under Los Angeles private equity firm Transom Capital Group.
Terms of the deal were not disclosed.
The sale is the third for Virginia Business since 2009, when Media General (now Nexstar Broadcasting Group) sold the magazine to Virginia Capital Partners, a local private equity firm. Then in 2017, Bernie Niemeier, who has led Virginia Business as president and publisher for the past 15 years, acquired sole ownership of the magazine.
Hal Cohen
BridgeTower CEO Hal Cohen said it reached out to Niemeier a few years ago and stayed in touch about a potential sale. The company in recent years has been in acquisition mode, picking up Colorado Biz earlier this year. Virginia Business brings its portfolio to 60 publications focused on business, construction, data and research, home and design, and legal news.
“We have a number of business journals across the country, and in the course of us sourcing opportunities, we started talking to (Niemeier) and continued that conversation for a while, up to the point where it made sense for both sides to do a deal,” Cohen said Thursday. “It really came from us being out there looking for different opportunities and the owner looking at a potential exit opportunity.”
Cohen said BridgeTower is retaining Virginia Business’ staff, which totals 11, according to its website. He said Niemeier has decided to move on but declined to talk about his plans.
Niemeier did not return a call or email seeking comment Thursday. In a news release announcing the acquisition, Niemeier said he “made this decision thoughtfully, and I know my team is in good hands.”
Bernie Niemeier (Photo courtesy Virginia Business)
“Hal and the BridgeTower Media team demonstrate again and again that they know exactly how to help media properties thrive in today’s digital world,” Niemeier said in the release, which Virginia Business ran Wednesday. “I look forward to seeing Virginia Business grow even further as it continues to serve the nation’s best state for business.”
Cohen said BridgeTower would bring a marketing boost and more digital capabilities to Virginia Business, as well as events management. He said the company puts on 150 events a year across its properties.
With Virginia Lawyers Weekly also locally based, Cohen said having two publications in the same market could present opportunities for both.
“They’ll be operated independently, but we’ll look to see if there are ways to growing the revenue of both,” he said.
Virginia Business’ acquisition follows other local media purchases made in recent years.
The Richmond Times-Dispatch, which was also formerly owned by Media General, was purchased by Iowa-based Lee Enterprises in 2020. Style Weekly, previously owned by Tribune Publishing before its purchase by Alden Global Capital, was bought by VPM the following year.
Virginia Business has been publishing its monthly magazine for over 35 years. (Courtesy Virginia Business)
The media company that owns Virginia Lawyers Weekly and dozens of other industry publications across the country has added Virginia Business to its portfolio.
The Richmond-based business newsmagazine was acquired Wednesday by BridgeTower Media, a North Carolina-based company under Los Angeles private equity firm Transom Capital Group.
Terms of the deal were not disclosed.
The sale is the third for Virginia Business since 2009, when Media General (now Nexstar Broadcasting Group) sold the magazine to Virginia Capital Partners, a local private equity firm. Then in 2017, Bernie Niemeier, who has led Virginia Business as president and publisher for the past 15 years, acquired sole ownership of the magazine.
Hal Cohen
BridgeTower CEO Hal Cohen said it reached out to Niemeier a few years ago and stayed in touch about a potential sale. The company in recent years has been in acquisition mode, picking up Colorado Biz earlier this year. Virginia Business brings its portfolio to 60 publications focused on business, construction, data and research, home and design, and legal news.
“We have a number of business journals across the country, and in the course of us sourcing opportunities, we started talking to (Niemeier) and continued that conversation for a while, up to the point where it made sense for both sides to do a deal,” Cohen said Thursday. “It really came from us being out there looking for different opportunities and the owner looking at a potential exit opportunity.”
Cohen said BridgeTower is retaining Virginia Business’ staff, which totals 11, according to its website. He said Niemeier has decided to move on but declined to talk about his plans.
Niemeier did not return a call or email seeking comment Thursday. In a news release announcing the acquisition, Niemeier said he “made this decision thoughtfully, and I know my team is in good hands.”
Bernie Niemeier (Photo courtesy Virginia Business)
“Hal and the BridgeTower Media team demonstrate again and again that they know exactly how to help media properties thrive in today’s digital world,” Niemeier said in the release, which Virginia Business ran Wednesday. “I look forward to seeing Virginia Business grow even further as it continues to serve the nation’s best state for business.”
Cohen said BridgeTower would bring a marketing boost and more digital capabilities to Virginia Business, as well as events management. He said the company puts on 150 events a year across its properties.
With Virginia Lawyers Weekly also locally based, Cohen said having two publications in the same market could present opportunities for both.
“They’ll be operated independently, but we’ll look to see if there are ways to growing the revenue of both,” he said.
Virginia Business’ acquisition follows other local media purchases made in recent years.
The Richmond Times-Dispatch, which was also formerly owned by Media General, was purchased by Iowa-based Lee Enterprises in 2020. Style Weekly, previously owned by Tribune Publishing before its purchase by Alden Global Capital, was bought by VPM the following year.