BERINGER TAKES MAJORITY STAKE IN BENZINGA, VALUING FINANCIAL MEDIA COMPANY AT $300 MILLION
October 25, 2021 08:22 AM
Private equity firm Beringer Capital has acquired a majority stake in Benzinga, a Detroit-based financial media news outlet.
Terms of the deal announced Monday morning were not disclosed.
The deal values Benzinga at $300 million, Luke Jacobi, Benzinga's senior vice president of revenue, told Crain's in an email. The deal aims to allow Benzinga to expand content coverage of financial markets, expand into new forms of media and grow its B2B partnerships, according to a news release.
"Benzinga is just entering the second inning of what we will build. Partnership with Beringer drastically accelerates the timeline to realize our ambitions of what we can provide investors globally," Jason Raznick, founder and CEO of Benzinga, said in the release. "I call myself the co-founder of Benzinga because I truly believe Benzinga is co-founded everyday by our amazing team of Zingers who are empowered and encouraged to build everyday.
The release says Raznick will retain a "significant" stake in Benzinga and will continue in a leadership role at the company.
"We're thrilled to partner with Jason and the team at Benzinga, a company at the forefront of trends affecting the next generation of investors," stated Perry Miele, chair and managing partner at Beringer Capital. "To date, Benzinga has done a remarkable job of differentiating its offerings and building a vibrant, engaged community across its various platforms. We're looking forward to building on this impressive trajectory, collaborating closely with its team on exciting new offerings that empower more investors to take control of their financial futures."
Founded in 2010, Benzinga has aimed to position itself as a financial media outlet for retail and individual investors. The company says it has more than 100 staffers and more than 25 million monthly readers, according to the release.
Benzinga was advised in the transaction by Canaccord Genuity Group Inc.
Beringer, which has offices in Toronto and New York City, has a track record of media outlet investments. Earlier this year, the firm acquired real estate industry news outlet Inman News, and had previously acquired advertising industry publication Adweek.
