New owner purchases F/T
Furniture Today Staff -- Furniture Today, July 8, 2013
GREENSBORO, N.C. - Furniture/Today and sister brands Home Accents Today, Home Textiles Today, Casual Living, Gifts and Decorative Accessories, Playthings and Kids Today, have been acquired by Progressive Business Media, a newly formed private company making acquisitions and investments in the business media and technology sectors.
The announcement was made by Matthew Slaine, president of FT Media Holdings, parent company of Progressive Business Media, which is headquartered in Greensboro and also has offices in New York.
The new owners acquired the company from Florida based Sandow Media, which acquired the titles in 2010. Terms were not disclosed.
In making the announcement, Slaine said Kevin Castellani, who has been with the Furniture/Today group since 1993, has assumed the title of president of Progressive Business Media and will retain his role as publisher of Furniture/Today. He reports to Slaine.
"We will be maintaining our staff of approximately 75 and currently are seeking to hire additional employees as we build our infrastructure in Greensboro. We are looking at several new and exciting opportunities and look forward to significant growth in North Carolina and around the country," Slaine added.
"We picked the name Progressive Business Media because it underscores the DNA of our company. Moving forward we will use the company's powerful brands, both in print and online, to expand through acquisitions, organic growth, digital efforts, conferences, events, marketing services and more," Slaine said.
"For our team, this is a long-term investment in a high-quality and growing business that serves the changing needs of a large global industry," said Slaine. "I see a compelling opportunity to further grow the group's multiple brands into various communication platforms and new business channels where our creativity and expertise can add significant value to our audience and clients."
"I am excited about the incredible opportunities this acquisition represents and am eager to partner with Matt," Castellani said. "His business acumen and history of serving on the boards of a number of business technology companies in New York and London will prove invaluable as we grow our business."