N&T Staff Report
Technology International, which last month was acquired by private equity firm
Riverside Co., will be on the lookout to buy related and rival companies,
according to a top Riverside exec.
Steward Kohl, Riverside’s
co-chief executive officer, said expanding DTI’s imprint would be among the
investor’s top goals. “We see lots of opportunities,” he told Newspapers &
Technology. “There is lots of organic growth and we also expect to grow by
acquiring related and competing companies.”
Financial details weren’t
released; Riverside said several DTI executives participated in the transaction
as equity partners.
DTI, a unit of privately held
Oldham Associates LLC, said it was approached by Riverside earlier this year,
about the time Oldham family members decided to split DTI from a sister printing
company, Liberty Press.
“They view us as a platform
company that will permit future acquisitions and take our vision further,” said
DTI Marketing Director Alyson O. Williams of the Riverside purchase.
No changes will be made to
DTI’s top personnel or offices, although the company is seeking to fill about a
dozen spots to support its growing business, Williams said. DTI, based in
Springville, Utah, also has offices in Germany, the United Kingdom, Latin
America and Scandinavia.
Don Oldham, who founded DTI in
1981, said, “We are happy to partner with Riverside, a firm that believes in and
supports our mission to continue innovating and developing the best publishing
software products to meet our customers’ needs.”
Oldham will retain his
position as will Geoff Walker, vice president, finance and chief financial
officer; and Jeff Carpenter, vice president of operations and chief operating
officer. Levor Oldham, vice chairman, is retiring from the company.
Three managers were also
promoted as part of the acquisition: Byron Oldham, to vice president of product
development; Ed Hubbard, to vice president, sales; and David Oldham, to a newly
created position of vice president of marketing and product management.
DTI has its front-end software
in place in more than 125 locations worldwide, including the (Minneapolis) Star
Tribune, the Las Vegas Review-Journal and the Des Moines (Iowa) Register. In
April, Cox Newspapers Inc. said it would roll out DTI’s new WebSpeed content
management app at all of its 17 daily newspapers.
That solid base, in
combination with the growing number of electronic publishing apps DTI has
developed, appealed to Riverside, Kohl said.
“(DTI) is a leader in its
niche and based on feedback from users, (its software) is second to none,” he
said. “Their apps help newspapers become more successful and more profitable,
and we also like that their products serve both the print and electronic side of
New York and Cleveland-based
Riverside claims it’s the largest private equity firm focused on the smaller end
of the middle market.
The DTI acquisition is
Riverside’s first “pure” software investment and its second investment in the
newspaper industry. In 1995, Riverside acquired the South Florida Newspaper
Network, a group of weeklies. It subsequently sold the papers to the Tribune Co.