Transcontinental Inc. has sold the majority of its remaining media publications to the son of its founder and to Newcom Media Inc.
The Montreal-based printing company announced on Thursday it has sold off several of its business publications to Pierre Marcoux, the son of Transcontinental founder Rémi Marcoux. Pierre Marcoux – who recently launched his own company, Contex Group – has acquired Les Affaires, Les Affaires Plus, Les Événements Les Affaires, Acquizition.biz, Benefits Canada, Avantages, Canadian Investment Review, Canadian Institutional Investment Network and Contech.
Financial details of the transaction were not disclosed, but as a result of the two deals, the company will be terminating approximately 20 employees.
Mr. Marcoux, who recently stepped down as president of TC Media to launch Contex, is familiar with the individual brands he has acquired – which includes Les Affaires, the first publication his father bought more than 40 years ago, said François Olivier, chief executive of Transcontinental, in a statement.
“We are pleased that these renowned assets are being acquired by Pierre who will know how to make them evolve thanks to his extensive business experience,” Mr. Olivier said.
Mr. Marcoux said his launch of Contex, along with the purchase of the Les Affaires brand, was something he has been working on for several months.
“As Transcontinental focuses more on its consumer packaging business, this was an opportunity that allows for a reinvention of a brand that has always been very strong in the Quebec market,” said Mr. Marcoux in an interview.
In the same transaction, a second buyer – Newcom Media Inc. – has acquired four publications that cover the financial services industry: Investment Executive, Finance et Investissement, Advisor’s Edge and Conseiller. Led by president Joe Glionna, this is the fifth acquisition for Newcom since 2015. Last year, the company acquired Canadian Insurance Top Broker, also from Transcontinental, and the Mode Accessories fashion trade shows from Two Plus One Inc.
“By adding the financial services group of publications, Newcom has grown today with, what might be, the largest [business-to-business] portfolio in the country,” Mr. Glionna said in a statement. “… It’s not often you get a chance to buy a market-leader of this size that will basically be a plug-and-play with the rest of Newcom.”
Transcontinental is one of Canada’s largest commercial printing businesses, but in recent years the company has been selling its newspaper holdings and shifting its focus to consumer product packaging. Once the publisher of more than 40 publications, the TC Media group now consists of TC Media Books and Groupe Constructo, a division with several publications focused on the construction sector in Canada.
Earlier this month, Transcontinental announced it has agreed to sell the building that housed its former printing operations in Fremont, Calif., for US$75-million, with proceeds being used to reduce debt.
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