Mergers and acquisitions advisory firm W.B. Grimes & Company has sold its Newspapers Group along with its Global Media, Events & Information Services Group to John J. McGovern, a former senior associate with the firm.
Founded in 1959 by Walter Grimes, and subsequently led by his son Larry Grimes, the company is the oldest family-owned media M&A firm in North America, having sold more than 1,600 media and event businesses since its formation, according to the company.
The newly-formed entity, Grimes, McGovern & Associates (GMA) (www.mediamergers.com), will remain focused on M&A advisory work including buy-side, sell-side and valuation services for small and medium-sized businesses in the media, events, information services and newspapers sectors globally.
Last year was one of the best in the firm's history, with increases in both the number of deals and deal sizes in both the Newspapers and Global Media, Events and Information Services Groups.
"I could not be more excited about having a long-standing member of our team take the company reins," said Larry Grimes. "John has been an industry trailblazer, always at the cutting edge of new technologies. As the media industry continues to evolve there is no doubt the new company will remain an industry leader."
John McGovern takes the helm as CEO and Julie Bergman, former senior associate, becomes vice president of the Newspapers Group. Larry Grimes, former owner and president, will stay on as chairman and advisor.
Grimes, McGovern & Associates will be based in New York with offices in Toronto, London and South America. GMA's Newspapers Group has representatives in 10 US states: Alabama, Colorado, Indiana, Maryland, Minnesota, New Jersey, New York, Ohio, South Carolina and Texas.