Spire Capital and ZelnickMedia Announce Acquisition of SkyMall Investors to Expand Leading In-Flight Media Brand
December, 5 2005
Spire Capital Partners and ZelnickMedia Corporation today announced the acquisition of SkyMall, Inc. from parent company Gemstar-TV Guide International, Inc. Phoenix-based SkyMall publishes America's largest in-flight catalog, reaching 650 million air passengers annually on 14 U.S. airlines. SkyMall also manages a leading e-commerce site, skymall.com, and loyalty marketing programs serving frequent travelers.
"We are delighted to have acquired America's leading in-flight retail brand," said Richard Patterson, Spire Capital Managing Partner. "The company is strongly positioned and well-managed. We look forward to working with SkyMall management, airlines, merchants and loyalty partners as well as with our colleagues at ZelnickMedia to build upon the foundation of this terrific brand and unparalleled in-flight distribution."
"We are pleased to have worked closely on this acquisition with both Spire Capital and the senior management of SkyMall," said ZelnickMedia partner Scott Siegler. ZelnickMedia initiated the acquisition, pursued it over a three year period, and chose Spire as its capital partner.
Christine Aguilera, President of SkyMall since October 2003, will continue in her present role, reporting to the Board.
Harris, Nesbitt was the lead arranger on the debt financing for the acquirers and The Greenspun Corporation is a minority investor. Terms of the transaction were not disclosed.
SkyMall, Inc. is a specialty publishing and marketing services firm headquartered in Phoenix, Arizona. SkyMall produces a quarterly in-flight publication, SkyMall, with an annual circulation of approximately 20 million copies distributed in airplane seat pockets. SkyMall is a multi-channel, direct marketer offering high-quality, innovative merchandise from top direct marketers and manufacturers through its SkyMall catalog and web site, skymall.com. The SkyMall catalog is seen by approximately 88% of all domestic air passengers reaching more than 650 million air travelers annually. SkyMall also offers turn-key merchandise and fulfillment solutions for loyalty marketing programs.
Spire Capital Partners, L.P., established in April 2000, is currently investing a $260 million private equity fund focused exclusively on the media, communications and business services industries. Spire Capital's Principals have served as owners, managers, investors and advisors of companies in these industries for over 20 years.
About The Greenspun Corporation
The Greenspun Corporation is a diversified media, Internet, real estate and development corporation. The Greenspun Corporation holdings include the Greenspun Media Group whose primary businesses include weekly newspapers and magazine publications. The company also publishes the Las Vegas Sun newspaper, owns the website VEGAS.com and is a partner in Las Vegas ONE, an all-news cable channel. American Nevada, the real estate division of The Greenspun Corporation, is among the most recognized commercial and residential developers in the Las Vegas valley.