June 9 was the deadline for companies interested in acquiring F&W Publications to submit a nonbinding letter of intent to Veronis, Suhler &Associates, the investment banking firm that is conducting the sale of the family-run business.
Originally founded in 1868 as a printer, F&W now publishes nine magazines, operates seven books clubs, publishes approximately 125 books per year and has a backlist of 500 to 550 titles. Company president Dick Rosenthal told PW he decided to sell the company because neither of his two children are interested in running it. F&W currently has about 300 employees and annual sales of approximately $65 million.
According to Rosenthal, sales this year are ahead of budget, and the company has plans for new Web sites, a new magazine and new book lines. "I think we're on the threshold of our next big growth spurt, but that will be for some one else to achieve," Rosenthal said, adding that he expects the company to be sold in one piece.
The flagship publication for F&W is Writer's Digest magazine, which was founded in 1920; writing continues to be an "evergreen area for us," Rosenthal said. The magazine has led to a number of spin-off products, including Writer's Digest Books, Writer's Digest Book Club and the writersdigest.com Web site. The approach F&W has taken to the writing field is one it has taken to other categories. "We find a niche market and surround it with products and services," Rosenthal told PW. Other major subjects at F&W include art and woodworking, and other book lines include North Light Books, Betterway Books and Popular Woodworking Books.
