Business media company Industry Dive has signed an agreement to be sold to U.K. events and publishing outfit Informa for an enterprise value of $525 million, a source close to the deal told Axios. Informa confirmed the deal on its website.
The sale values the 10-year-old Washington, D.C.-based publisher of hyper-niche newsletters at a cash value of $389 million, according to the website statement.
Industry Dive, which employs 380 people, has been profitable since 2013. All employees, including the management team, will keep their positions after the acquisition, and Industry Dive will operate as an independent brand within Informa, according to the source.
The acquisition, which is expected to close in September, provides Informa with an in-house content operation and Industry Dive access to new audiences. It now produces newsletters covering 24 industries, including food, retail, supply chain, and marketing.
Chief Executive Officer Sean Griffey, Chief Technology Officer Eli Dickinson, and Senior Adviser Ryan Willumson founded the company in 2012, and in 2019 sold a majority stake to Falfurrias Capital Partners, a Charlotte, North Carolina-based private equity firm. Also in 2019, it acquired the marketing wing of NewsCred, a global technology company, and in 2021, it bought PharmaVOICE and CFO.com.