New Track Media Acquires Keepsake Quilting
Consumer enthusiast publisher, New Track Media, expands its commitment to
crafts with purchase of leading catalogue direct marketer, Keepsake Quilting.
Cambridge, MA - January 9, 2008 - New Track Media LLC, the consumer enthusiast
media platform with operations that include magazines, books, tours, television
and Web-based products, announced today that it has completed the acquisition
of Keepsake Quilting, Inc., a leading cataloguer and direct marketer serving
quilters, knitters and needle crafters. New Track already has a presence in
soft crafts, although Keepsake will continue to operate independently from
its New Hampshire facilities.
"We see this as an extension of our commitment to quilters and an opportunity
to expand our reach into some additional soft craft areas," commented
Stephen Kent, President of New Track Media. "The addition of Keepsake
keeps us close to our readers, gives us the chance to serve some additional
needs of theirs, and also reinforces the strong relationship we have with advertisers,
many of whom are suppliers of product to the Keepsake family of catalogues."
In addition to the leading quilting magazine in the country, Fons & Porter's
Love of Quilting, which New Track owns, it also has an affinity club, "Quilters
Club of America," a PBS television program, and a broadband television
operation, QNNtv, all serving the interests and needs of quilters.
Formed in 1986, Keepsake Quilting was the first consumer catalogue specifically
serving quilters. The company later added Patternworks, offering products for
knitters, and Keepsake NeedleArts, offering a variety of cross stitch, embroidery
and needlework products and accessories. New Track acquired Keepsake from The
Riverside Company, which had purchased the business from the founders in 2000.
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About New Track Media
New Track Media was formed in 2006 by Stephen J. Kent and Boston Ventures for
the purpose of building up a premier consumer enthusiast publishing platform
in a range of special interest subject areas. In addition to the acquisition
of Keepsake Quilting, the company has completed four other transactions:
Sky Publishing, the leading publisher of astronomy periodicals and books,
headquartered in Cambridge (MA); Fons & Porter's Love of Quilting, based
in Winterset (IA); American Woodworker, which is located in Eagan (MN) and
was acquire from The Readers Digest Association; and QNNtv, which was acquired
from Multicast. New Track operates from headquarters offices in Cambridge
About Boston Ventures
Boston Ventures Management, LLC (www.bostonventures.com),
is a private equity firm that has been an active investor and financial partner
to management teams in the media, entertainment, publishing and information
and communications sectors since 1983, earning the firm a franchise position
in the private equity community. Boston Ventures' Managing Directors and partners
are accomplished and experienced professionals who have a diverse and complementary
range of skills and a broad network of domestic and international relationships.
Some of Boston Ventures' investments in its 20 year history have included News
Corporation, National Enquirer, CAMP Systems, River City Broadcasting, Survey
Sampling International, Six Flags Amusement Parks, Marshall & Swift, Panavision
and Motown Records.
The Riverside Company (www.riversidecompany.com) is a private equity firm focused
on the smaller end of the middle market. Since 1988, the firm has invested
in 176 transactions with a total enterprise value of $3.4 billion. Its current
portfolio in the U.S. and Europe numbers 61, with combined annual sales of
$3 billion, EBITDA of $450 million and more than 11,000 employees. Riverside
has nearly $2 billion of capital in nine funds under management and over
150 professionals in 17 offices throughout the world.