Industry Dive and Charlotte-based private equity firm Falfurrias Capital Partners today announced a partnership in which Falfurrias will acquire a majority equity interest in Industry Dive.
The partnership combines the unique investment model of Falfurrias, which makes extensive use of relevant sector expertise to select and guide the firms it backs, and Industry Dive, whose breadth and depth of news and analysis distributed to an influential business audience makes it one of the nation’s leading B2B media companies.
Founded in 2012 and based in Washington, D.C., Industry Dive provides premium business news, original analysis and other information products and services to more than 7 million executives across 19 industry verticals ranging from banking and supply chain to retail and waste.
Co-founder and CEO Sean Griffey will continue to lead Industry Dive with fellow co-founders Ryan Willumson, chief revenue officer, and Eli Dickinson, chief technology officer. Falfurrias Capital Partners partner Joe Price and principal Geordie Pierson will join the Industry Dive board.
"Industry Dive’s partnership with Falfurrias comes at just the right moment, when we are ready to scale our B2B journalism, business intelligence, and sales and marketing products to new audiences and new industries," said Griffey. "We wanted growth partners who were true managers, builders, and advisors, not only financial supporters, and we’ve absolutely found that in Falfurrias."
Industry Dive's three-year growth rate of 348% placed the company in the top half of the Deloitte Technology Fast 500 and earned it a ranking as the 13th fastest-growing media company on the 2019 Inc. 5000 list. The company also has been recognized three years in a row as a top workplace by the Washington Post, and has received several industry awards for editorial excellence in business journalism.
"Industry Dive has established itself as a trusted source of business journalism for C-level executives across a wide spectrum of fast-growing industries. There is a need for industry-specific news and information that is informed by a broad perspective and has the credibility to command the attention of decision-makers," said Price. "Falfurrias Capital is excited to join with Sean, Ryan, Eli and the entire team as we embark on the next leg of Industry Dive’s growth journey."
"Industry Dive’s world-class journalism combines cross-industry perspective and hyper-relevant, niche expertise. That is the future of business news," said Pierson. "Add to that their ability to reach people directly, and you've got tremendous potential for innovation."
"Over the past seven years, Industry Dive has focused on building a well-defined and premium audience of decision-makers and direct relationships with the people who want to reach them," said Willumson. "We believe we have created a model for scaling our business in ways that can be replicated successfully and efficiently across verticals and new point solutions, and we look forward to working with Joe, Geordie and the Falfurrias team to realize Industry Dive’s potential."
About Industry Dive
Washington, D.C.-based Industry Dive was formed in January 2012 to provide news and trends for industry leaders through convenient mobile apps and websites. Now one of the business world's fastest-growing sources of journalism, Industry Dive serves 7 million decision-makers through 22 daily online publications covering news and providing insights across 19 different industries ranging from retail and waste to supply chain and banking. Learn more at www.industrydive.com.
About Falfurrias Capital Partners
Falfurrias Capital Partners is a Charlotte-based private equity investment firm founded in 2006 by Hugh McColl Jr., former chairman and CEO of Bank of America, Marc Oken, former CFO of Bank of America, and Managing Partner Ed McMahan. The firm is focused on acquiring or investing in a diverse portfolio of growth-oriented middle-market companies. By leveraging the extensive strategic and operational experience and business relationships of the firm’s principals, Falfurrias Capital Partners is positioned to be a value-added partner for both its portfolio companies and its limited partners. For more information, visit www.falfurriascapital.com.