W.B. Grimes changes ownership
W.B. Grimes & Company, a leading mergers and acquisitions (M&A) advisory firm serving the media, entertainment and professional sports industries, has announced that its Global Media, Events & Information Services Group, and its Newspapers Group have been acquired by John J. McGovern, a former senior associate with the firm.
Founded in 1959 by Walter Grimes, and subsequently led by his son Larry Grimes, the company is the oldest family-owned media M&A firm in North America, having sold more than 1,600 media and event businesses since its formation. The company also has appraised thousands of newspaper and magazine businesses.
The newly-formed entity, Grimes, McGovern & Associates (GMA) (www.mediamergers.com), will remain focused on M&A advisory work, including: buy-side, sell-side and valuation services for small and medium-sized businesses in the media, events, information services and newspapers sectors globally.
Last year was one of the best in the firm's history with increases in both the number of deals and deal sizes in both the Newspapers and Global Media, Events and Information Services Groups, which were acquired by McGovern.
Commenting on the sale, Larry Grimes said: "I could not be more excited about having a long-standing member of our team take the company reins. John has been an industry trailblazer, always at the cutting edge of new technologies. As the media industry continues to evolve there is no doubt the new company will remain an industry leader."
GMA owner, John McGovern, takes the helm as CEO and Julie Bergman, former senior associate, becomes vice president of the Newspapers Group. Larry Grimes, former owner and president, will stay on as chairman and advisor.
McGovern said: "It is an honor to take charge of such a storied firm and to build upon the solid foundations the Grimes family has built over almost 60 years. Our firm has incredible talent in Julie Bergman and our team of seasoned associates. We look forward to continuing to serve our clients and to innovate and grow in the areas of media and newspapers, as well as the emerging events and information services sectors, with renewed focus on international buy-side and sell-side work."
Bergman added: "Our dedicated and experienced newspaper professionals are familiar with their regions and perfectly positioned to provide the personalized and expert attention buyers and sellers need in today's fast-changing media landscape."
Grimes, McGovern & Associates will be based in New York with offices in Toronto, London and South America. GMA's Newspapers Group has representatives in 10 U.S. states: Alabama, Colorado, Indiana, Maryland, Minnesota, New Jersey, New York, Ohio, South Carolina and Texas.