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Press Release: Hanley Wood Completes Recapitalization

Press Release: Hanley Wood Completes Recapitalization

Hanley Wood LLC, the leading business-to-business media company serving the housing and commercial design and construction industries, announced today that it has completed a recapitalization that will reduce its long-term debt from approximately $410 million to $80 million. Also as part of this transaction, Hanley Wood’s new ownership group – led by certain funds managed by Oaktree Capital Management, L.P., Strategic Value Partners, LLC, and Tennenbaum Capital Partners, LLC – has invested $35 million in new capital into the company.

“This recapitalization is very positive news for the company, our customers, suppliers, business partners and employees,” said Frank Anton, Chief Executive Officer of Hanley Wood. “With a strengthened balance sheet, we expect to be much better positioned to invest in and grow our businesses and take full advantage of the strength of our operations.”

Andrew Salter, Senior Vice President at Oaktree Capital Management, L.P., said, “We believe Hanley Wood is one of the premier companies in the business-to-business media sector. With a healthy balance sheet and new investment capital, we believe the company is poised to rebound and grow as the construction markets improve.”

“We have outstanding, hard-working employees and a strong management team, all of whom are committed to the long-term success of the company,” Mr. Anton said. “I am confident that we can grow all segments of this business, including print, digital media, exhibitions, data and custom marketing. I look forward to working with Oaktree, SVP, Tennenbaum and other members of the new ownership group to achieve that goal.”

Houlihan Lokey acted as financial advisor for the company, and Latham & Watkins LLP served as the company’s legal counsel. Skadden, Arps, Slate, Meagher & Flom LLP provided counsel to the new ownership group.