WASHINGTON -- August 30, 2002 -- Hanley-Wood, the leading business-to-business media company in the residential and commercial construction industry, has acquired Multifamily Executive magazine and two companion conferences from Yardley, Pa.-based MGI Publications, Inc.

Multifamily Executive is the leading business magazine in the $28 billion multi-family housing market, serving more than 25,000 apartment owners, managers, developers and investors.

"This acquisition is key to Hanley-Wood's strategic plan to expand our product offerings in the housing and construction sectors," says Peter Goldstone, President of Hanley-Wood's Magazine Division. "Hanley-Wood has been investigating the multifamily market for several years and we are delighted to add this prestigious title to our portfolio." Multifamily Executive will be part of the division's Builder group, managed by Warren Nesbitt, group publisher.

Launched in 1996, Multifamily Executive has won a number of awards for both editorial content and design, including Folio's Best Real Estate Magazine and APEX's Award for Publication Excellence. In addition, Multifamily Executive produces an annual Who's Who Directory, featuring thousands of listings of key industry executives and resources.

Multifamily Executive also hosts two conferences. The Multifamily Executive Educational Conference, which will be in Las Vegas this October, attracts more than 800 multifamily executives and more than 70 exhibitors and sponsors. The second conference is an invitation-only summit for top executives, which is held in Vail, Colo., each February.

"I'm very pleased and honored that Hanley-Wood has agreed to acquire Multifamily Executive and the Multifamily Executive Educational Conference," says Edward J. McNeill Jr., President of MGI Publications. "As the leading publisher of construction and shelter publications, Hanley-Wood has the experience and capabilities to build upon our success. Multifamily Executive 's valued readers and advertisers will experience the same quality they have come to expect, plus the added benefits and opportunities Hanley-Wood has to offer."

Founded in 1976, Hanley-Wood, a $145 million company with this acquisition, is owned by VS&A Communications Partners III, the private equity affiliate of media industry merchant bank Veronis Suhler Stevenson. Since its acquisition in 1999, Hanley-Wood's revenues have increased by 45% and its EBITDA by 70%.

Hanley-Wood publishes leading magazines in the residential and commercial construction industry including Builder, Big Builder, Remodeling, The Journal of Light Construction, ProSales, Custom home, residential architect, Building Products, Concrete Construction, Tools of the Trade and Pool & Spa News. From its Exhibitions Division, based in Dallas, Hanley-Wood produces nine trade shows, four of which are listed in the Trade Show 200, including World of Concrete at #19. Hanley-Wood Integrated Marketing is based in Minneapolis. The Home Planners Division, based in Tucson, is the leading publisher of house plan magazines, Special Interest Publications and eplans.com. Hanley-Wood's Internet Division has a major online presence through its sites including Builder Online, Remodeling Online, and its new company, ebuild, the comprehensive guide to building products.

Contact:

Ann Seltz
Vice President, Marketing