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VS&A Communications Partners III, LP Acquires Phillips Business Information, Inc

Hart Publications, a division of Phillips Business Information, Inc.,
is acquired by Chemical Week Associates,
a VS&A Communications Partners II, LP portfolio company

NEW YORK--Oct. 4, 2000-- VS&A Communications Partners III, LP, the private equity affiliate of New York-based media merchant bank Veronis Suhler, has signed a definitive agreement to acquire Phillips Business Information, Inc. from Phillips International, Inc. In addition, Hart Publications, a division of Phillips Business Information, Inc., specializing in energy industry publishing, is being acquired by Chemical Week Associates (CWA), a portfolio company of VS&A Communications Partners II, LP.

The two acquisitions, expected to close by the end of October, were announced jointly today by Jeffrey T. Stevenson, President and Managing General Partner of VS&A Communications Partners II and III, LP; Thomas L. Phillips, chairman and president of Phillips International, Inc.; and Michael Silber, President & CEO of CWA. Terms of the transactions were not disclosed.

Phillips Business Information (PBI) is a full service business-to-business media company engaged in trade magazine publishing, business information services, and conferences and trade shows. PBI is expected to generate more than $110 million in revenues in 2000. PBI's markets include media and communications, cable television, satellite, aviation, defense and energy. Its full range of information products include daily news services, web sites, newsletters, magazines, market studies, conferences and consulting. Key products include RepliTech trade shows, AV Video & Multimedia Producer magazine, Via Satellite magazine, Communications Technology magazine, Rotor & Wing magazine, and Defense Daily newsletter and web site.

PBI is the latest acquisition by Veronis Suhler's $1 billion private equity fund, VS&A Communications Partners III, LP, the largest buyout fund investing exclusively in the media, communications, and information industries. VS&A Communications Partners' first two funds invested over $1.4 billion in more than 20 growth-oriented portfolio companies and 90 add-on acquisitions since 1987.

Hart Publications, which merged with PBI in 1998, is known for its expert coverage of the global energy industry through its highly respected magazines, conferences,newsletters, directories, online resources, and other electronic products. The company provides timely, strategic information on investments, key players, activities, market trends, and growth opportunities in the oil and gas industry. Key Hart Publications titles include Hart's Oil and Gas Investor, Hart's E&P (exploration and production), Hart's Energy Markets, and Hart's World Refining.

VS&A Communications Partners II, LP, acquired CWA, publishers of Chemical Week, Modern Plastics and Chemical Engineering, in 1997. It is the leading information company covering the chemical, plastics and hydrocarbons industry. Eight add-on acquisitions since then have significantly advanced the company's strategy of moving into specialized niches and related chemical markets. The addition of Hart Publications "underscores CWA's commitment to becoming the most complete information company in the chemical industry as well as in related businesses, such as energy, oil and gas, which are critical upstream markets," said Michael Silber.

"Phillips Business Information is a natural addition to VS&A Communications Partners' family of portfolio companies," Jeffrey Stevenson said. "VS&A Communications Partners will use the firm's significant resources in B2B trade magazines and trade shows, and the business information industry to expand upon the tremendous foundation PBI has built over the years. This will enable PBI to maintain its reputation as the premier information provider in the dynamic markets they serve."

John S. Suhler, President & co-CEO of Veronis Suhler, adds, "PBI will thrive with the additional capital and corporate development support that VS&A Communications Partners and the Veronis Suhler media merchant bank will provide to grow the business."

Thomas Phillips, president of parent company Phillips International, Inc., concluded, "VS&A Communications Partners is a first-class group with a proven track record of success in the media, communications, and information industries. They know our business and our markets; they have nearly two decades of experience in helping B2B publishers and trade show operators significantly enhance their businesses through internal start-ups and add-on acquisitions."

Phillips International, Inc. will retain its consumer investment and health publishing businesses, which are on pace to generate more than $250 million in revenues this year. More than 1,500,000 people subscribe to Phillips' consumer newsletters and online services. Phillips is also known for Doctors' Preferred, Inc., its growing vitamin and nutritional supplement subsidiary.

For information on VS&A Communications Partners, its Fund III portfolio companies (HCIA-SACHS, Hanley-Wood, Data Transmission Network), and its investment criteria, visit For more information on Phillips International, Inc., its markets and its products, visit


For VS&A Communications Partners III, LP:
Allan Ripp/Natasha Latona

- or -
For Veronis Suhler:
Kerry Ann Murphy,
- or -
For Phillips International, Inc.:
John Farley, ,
- or -
For CWA:
Karen Masucci,

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