Citicorp Venture Capital has acquired a majority interest in F&W Publications. The Cincinnati-based publisher of special books and magazines had been on the block for nearly a year after its president, Dick Rosenthal, announced plans to retire (News, June 14). In connection with the sale, Stephen Kent, a Cincinnati businessman who has also acquired an interest in the company, has been named chairman and CEO of F&W.
The sale to CVC met one of Rosenthal's primary objectives--that F&W be sold as a single operation. With the exception of Kent's appointment, no major personnel changes are expected at the company, which will remain at its present location in Cincinnati. Rosenthal will retain a stake in the company and will also serve on its board of directors. The company has about 325 employees and annual sales of approximately $65 million.
According to Kent, acquisitions and product development top his priority list. "We are interested in developing F&W's acquisition strategy along the lines already proven successful by the company's management and expect to accelerate the pace" because of its access to capital, Kent said. Under Rosenthal, F&W's strategy has been to find a niche market and surround it with products and services. Its largest market is writing, which is served by its flagship publication, Writer's Digest, as well as by Writer's Digest Books, Writer's Digest Book Clubs and writersdigest.com. Other major subject areas include art and woodworking. Kent told PW that F&W will initially look for products that fit with one of its established divisions.
