HIGH-GROWTH, RECURRENT DIGITAL MEDIA COMPANY SECURED $300M IN NEW FUNDING
New Funding Will Propel and Expand Recurrent’s Strategic Acquisitions, Expand Its Brand Reach, Develop Creative Talent and More
NEW YORK, May 18, 2022 /PRNewswire/ — Recurring companies today announced the closure of $300 million new capital carried by funds managed by Blackstone Tactical Opportunities (“Blackstone”, NYSE: BX). The new funding allows Recurrent to continue to rapidly scale its operations and build a platform for strong and continued growth.
Recurrent has now raised over $400 million in total, following a $75 million increase in capital in October 2021 and other previous funding. Since 2018, Recurrent has acquired 24 digital media brands across its target science, technology, outdoor, home, automotive and military verticals. Recurrent will use the new funds to further the company’s mission of building a leading digital media company that delivers value to its customers, creative talent and partners. Through its world-class technology platform, Recurrent builds, analyzes and aggregates highly engaged audiences for a clientele of top-tier advertisers.
Recurrent is able to rapidly expand its operations through hiring and developing talent, utilizing new channels of engagement, expanding its video presence and introducing new content offerings to audiences. Blackstone brings an extensive network of relationships, a focus on operational excellence and the ability to fund larger transactions to 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 purpose.
Recurrent was founded at the end of 2018 by Northern Actionsthe managing partners of , 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 reader. By 2021, Recurrent had established flagship brands in key verticals through strategic digital media acquisitions, namely BobVila.com with its focus on home improvement, Task and objective in military, Field and flow and Outdoor living outdoors, popular science in science and technology, and Domino in Design & Decoration. 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 addition of donut media, Futurism, JancisRobinson.com, Home business, Lonnyand others.
“We are extremely proud of what we have done so far with our digital media brands, from growing audiences to developing our brand monetization playbook, to recruiting top talent. Our belief in transparency, investment in editorial teams, and our commitment to adopting best practices from various industries is helping us create a new kind 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.”
CC Melvin IkeManaging Director of Blackstone Tactical Opportunities, said, “The growing demand for digital content 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 brands’ underlying engagement with audiences and staffing new leadership teams. best-in-class people, technology and processes. We are delighted to support their future expansion. »
Recurrent is a premier virtual company employing talent across the United States, with headquarters in Miami and offices at Los Angeles, New York and San Francisco. Recurrent employs over 300 full-time staff and 475 creative contributors, with editorial and creative teams making up the majority of the workforce. Interested candidates can learn more and apply for vacancies here.
Recurrent was advised in the transaction by Lazard and Allen & Overy. Blackstone was advised by Weil Gotshal & Manges LLP. Existing recurring investors including North Equity, Powerhouse Capital and Raga Partners have committed additional capital.
Recurrent is a digital media company whose trusted brands content aims to inspire generations of passionate audiences in vertical niches. With social responsibility and sustainability at the center of its storytelling, Recurrent takes an innovative growth approach and creates valuable content for 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 EQUITY NORTH
North Equity is a venture capital firm specializing in the acquisition and investment in brands and digital technologies with high growth potential and high ESG impact. 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 top digital brands such as Popular Science, The Drive and Domino.; and Organic Ventures Inc., a SaaS media platform. Since its inception in late 2018, North has managed the acquisition of 24 media brands for Recurrent and will continue to make strategic acquisitions across the digital media and technology landscape. North is headquartered in Miami, Florida.
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 in which we invest and the communities in which we work. We do this by using amazing people and flexible capital to help companies solve their 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 capital, lower quality opportunistic credit, real assets and secondary funds, all on a global scale. Further information is available at www.blackstone.com. Follow Blackstone on Twitter @Black stone.
SOURCE Recurring Companies