F+W Media, Inc. said Friday that it has restructured its debt, a process that cut its debt by 50% and led to the appointment of a new board that is now headed by F+W CEO David Nussbaum. As part of the financial restructuring, ABRY Partners is now no longer the lead shareholder for F+W, although it will retain a small share of the company. “I have worked with the ABRY team for many years–prior to and during my time at F+W,” said Nussbaum. “While they will no longer represent our majority ownership, we are grateful for their leadership and their support of the business during the past five years, and will remain trusted colleagues.”
Nussbaum said he was “more than happy” to see the debt restructuring completed, adding “this is a very positive thing for the company.”
The new board members are: Hannah Crave, founder & managing partner Ayr Capital Management; Bonnie Kintzer, president, Kintzer & Associates; David Sachs, co-founder & senior advisor, Ares Management LLC; Donald Pazour, president & CEO Access Intelligence; and Bill Pearson managing director Gallup Hill, LLC, a consulting firm and partner of the Windale Group, a boutique retained executive search firm.
