New financing will propel and expand
Recurrent's strategic acquisitions, grow its brand reach, develop
creative talent and more
NEW
YORK, May 18, 2022 /PRNewswire/ -- Recurrent
Ventures announced today the closing of $300
million in new capital led by funds managed
by Blackstone Tactical Opportunities ("Blackstone," NYSE: BX).
The new funding positions Recurrent to continue to rapidly scale
its operations and build a platform for continued strong
growth.
Recurrent has now raised more than $400
million in total, following a $75 million capital raise in October 2021 and other previous financing. Since
2018, Recurrent has acquired 24 digital media brands across its
target verticals of Science, Tech, Outdoor, Home, Automotive, and
Military. Recurrent will use the new funds to further deliver on
the company's mission of growing a leading digital media company
that delivers value for its customers, creative talent, and
partners. Through its world-class technology platform, Recurrent
builds, analyzes and packages highly engaged audiences for a
customer base of leading advertisers.
Recurrent is positioned to further rapidly scale its operations
through hiring and talent development, utilizing new engagement
channels, expanding its video presence, and introducing new content
offerings for audiences. Blackstone brings an extensive network of
relationships, a focus on operational excellence and the capacity
to fund larger deals for Recurrent's acquisition strategy. In
addition to its business expertise, Blackstone's commitment to
driving long-term value creation through Environmental, Social, and
Governance (ESG) initiatives will help support Recurrent's
triple bottom line focus.
Recurrent was founded in late 2018 by North Equity's
Managing Partners, Andrew Perlman
and Matt Sechrest, as a platform to
acquire and transform leading digital media brands. Recurrent's
first acquisition was the automotive lifestyle site The Drive.
By 2021, Recurrent had established flagship brands within core
audience verticals through strategic digital media acquisitions,
namely BobVila.com with its focus in Home
Improvement, Task & Purpose in Military, Field &
Stream and Outdoor Life in Outdoors, Popular Science in
Science & Tech, and Domino in Design & Decor. Since
then, Recurrent has continued to expand its reach while becoming a
new home for media entrepreneurs and creative teams looking for a
way to optimize and grow their businesses, with the additions
of Donut
Media, Futurism, JancisRobinson.com, Business of
Home, Lonny, and others.
"We are extremely proud of what we've done so far with our
digital media brands, from growing audiences, to developing our
brand monetization playbook, to bringing in best-in-class talent.
Our belief in transparency, investment in editorial teams, and
commitment to adopting best practices from various industries is
helping us create a new type of digital media company," said
Lance Johnson, CEO of Recurrent.
"With this capital and a leading strategic partner in Blackstone,
we can focus on engaging our audiences, expanding our
sustainability efforts, and setting new industry standards."
C. C. Melvin Ike, Managing
Director at Blackstone Tactical Opportunities, said: "The
increasing demand for digital content has continued to be a key
investment theme for Blackstone across our businesses. Recurrent
has taken a differentiated, digital-first approach that focuses on
investing in the growth of the brands it acquires, optimizing the
underlying engagement with brand audiences, and equipping the new
leadership teams with best-in-class people, technology, and
processes. We are pleased to back their further expansion."
Recurrent is a virtual-first company employing talent across the
U.S., with its headquarters in Miami and offices in Los Angeles, New
York and San Francisco.
Recurrent employs over 300 full time employees and 475 creative
contributors, with editorial and creative teams accounting for the
majority of the workforce. Interested candidates can learn more and
apply for open roles here.
Recurrent was advised in the transaction by Lazard and Allen
& Overy. Blackstone was advised by Weil Gotshal & Manges
LLP. Existing Recurrent investors, including North Equity,
Powerhouse Capital, and Raga Partners, have committed additional
capital.
ABOUT RECURRENT
Recurrent is a digital media company
whose content from trusted brands aims to foster generations of
passionate audiences across niche verticals. With social
responsibility and sustainability at the center of its
storytelling, Recurrent takes an innovative growth approach and
creates content that is valuable to its readers, business partners,
and the planet. Its titles such as Popular Science, Domino,
JancisRobinson.com, Field & Stream, Donut Media, and Task &
Purpose inspire and inform more than 60 million unique visitors
each month.
ABOUT NORTH EQUITY
North Equity is a venture equity
firm that specializes in acquiring and investing in digital brands
and technology with high growth potential and ESG impacts. North's
investment team has extensive experience as private investors and
operators at the intersection of technology, data, and media. Its
investment portfolio includes Recurrent Ventures, the parent
company of best-in-class digital brands such as Popular Science,
The Drive, and Domino; and Organic Ventures Inc., a
media SaaS platform. Since it was founded in late 2018, North has
managed the acquisition of 24 media brands for Recurrent and will
continue making strategic acquisitions across the digital media and
technology landscape. North is headquartered in Miami, FL.
ABOUT BLACKSTONE
Blackstone is the world's largest
alternative asset manager. We seek to create positive economic
impact and long-term value for our investors, the companies we
invest in, and the communities in which we work. We do this by
using extraordinary people and flexible capital to help companies
solve problems. Our $915 billion in
assets under management include investment vehicles focused on
private equity, real estate, public debt and equity,
infrastructure, life sciences, growth equity, opportunistic,
non-investment grade credit, real assets and secondary funds, all
on a global basis. Further information is available at
www.blackstone.com. Follow Blackstone on
Twitter @Blackstone.
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SOURCE Recurrent Ventures