US private equity firm Growth Catalyst Partners (GCP) has teamed up with Peter Goldstone, the former CEO of Hanley Wood B2B, to acquire a controlling stake in public sector media company GEMG (Government Executive Media Group) from Atlantic Media which has owned it since 1997. The 50-year-old GEMG serves government leaders and contractors through digital brands including: Government Executive, Nextgov, Defense One, and Route Fifty. It is based in Washington DC.
This latest divestment (price undisclosed) from Atlantic Media comes just three years after David Bradley’s private company sold a 70% stake in its flagship The Atlantic to Laurene Powell Jobs’s Emerson Collective for $100m, which is expected to take full control within the next 2-3 years. It is two years since Atlantic sold Quartz to to Tokyo-based Uzabase for a price believed to be $75-110m.