As someone who spent a great deal of time working freelance and on contract, I’ve never been intimately involved in a corporate buy out. With this, my first one, I can say that, besides the deluge of paperwork that is administered, it is exciting and feels extremely promising.
On Friday, November 16th , there was a mandatory meeting for all PBM employees. I attended via Zoom and it was so great to see everyone there. I had a feeling it was regarding an important business decision but I really had no idea which way it would swing. To begin, our former CEO Matt Slaine addressed the group that he had shaped and grown over the last several years and thanked everyone for their service, creativity and leadership. Matt held it together like the business professional that he is, but there was no mistaking the emotion in his voice as he expressed gratitude.
One by one, the BridgeTower Media exec team introduced themselves and complimented PBM on being such an attractive purchase. They took questions from anyone who had one, as Catherine SIlver, mic in hand, navigated through with the dedication of a young Phil Donahue. And not that anyone was counting, but the words “interior design” were mentioned at least 3 times during the course of the meeting.
After listening in and learning about Bridgetower’s niches and strengths, I think there will be great synergy. between Designers Today and its new parent. Below, you will find the official press release for your enjoyment and information.
GREENSBORO, NORTH CAROLINA, November 16, 2018 - Progressive Business Media (PBM) today announced it is being acquired by BridgeTower Media (BridgeTower), the premier provider of business information, research, events and marketing solutions in more than 20 local and regional markets across the U.S. As part of the transaction, PBM’s leading magazines, events and industry research services will be integrated into BridgeTower’s growing B2B portfolio. Financial terms were not disclosed.
PBM was formed by CEO Matthew Slaine and includes a roll up of home furnishings and gift trade media brands and related sub-brands, including: Furniture Today, Home Accents Today, Designers Today, Casual Living, Exterior Design, Gifts and Decorative Accessories, HFN, and Home Textiles Today.
Based in Minneapolis, BridgeTower’s products and services capture the attention of affluent, high-level decision-makers in the business, legal, construction, legislative and B2B retail markets. The transaction with PBM is BridgeTower’s fifth acquisition since 2016.
“Our talented group of employees have built one of the country’s leading business media companies, with world-class marketing solutions and the highest quality content. Together we launched new brands, new products, and new franchise events that bring communities together. I am pleased that BridgeTower sees the value in PBM and its significant future potential,” said Slaine. “BridgeTower’s knowledge and experience in B2B media will help propel PBM even further in the years to come.”
“PBM is a natural fit for our growing portfolio of B2B titles, events and marketing solutions,” said Adam Reinebach, CEO of BridgeTower. “Our businesses have a shared mission to connect and inform the business communities that we serve. We’re excited to add PBM’s expertise in home furnishings and gifts to our team and are looking forward to leveraging our B2B marketing capabilities to provide additional solutions for subscribers and clients alike.”
“PBM has grown tremendously over the past several years and I am extremely appreciative of our team and the work we’ve done to establish a collaborative and innovative workplace culture,” continued Slaine. “It has been an honor to work alongside so many talented and wonderful people including our extraordinary clients. I am proud of the role we play in the success of our clients’ businesses and grateful for the relationships we have developed.”
Concurrent with the transaction, Catherine Silver is being promoted to President and will oversee day to day operations of PBM. Since joining last year, Catherine has served as Vice President of Sales, playing a key role in PBM’s success and growth. Prior to PBM, Silver held executive roles for the Washington Nationals and Variety publications among other senior level positions. Silver will report to Reinebach.
Since PBM was assembled in 2013, it has grown from 70 full-time employees to approximately 100 and diversified its client base to over 1200 unique B2B marketing clients in home and gift. In 2017, the company was named one of the Triad regions’ fastest growing companies by the Triad Business Journal.
About Progressive Business Media
Progressive Business Media (PBM) is the premier business media and communications company serving the home furnishings and gift industries. It is the parent company of brands including Furniture Today, Home Accents Today, Home Textiles Today, Casual Living, Designers Today, Exterior Design, Gifts and Decorative Accessories, and HFN. PBM’s brands deliver original content and research through print and online channels, as well as live conferences and events. The company prides itself on being part of the various business communities it serves: bringing people together to discuss issues of the day and to deliver meaningful content to the right audience, through the right channel, at the right time. PBM was awarded a Triad Business Journal Fast 50 Award in 2017 and a Healthiest Employer Award in 2018. For more information regarding Progressive Business Media, please visit https://progressivebusinessmedia.com/
About BridgeTower Media
BridgeTower Media is a leading provider of business information, events and marketing services for the legal, financial, construction and government sectors in more than 20 local and regional markets across the United States. In addition to providing subscribers with content relevant to their daily professional activities, BridgeTower has a research unit focused on employee satisfaction, lead generation services and live events centered on awards and education. For more information regarding BridgeTower Media, please visit www.bridgetowermedia.com