In its debut deal, Observer Capital, a private equity firm, has acquired SourceMedia, the publisher of American Banker, from another PE firm, Investcorp, for an undisclosed price.
"We believe the B-to-B market is poised for growth, particularly with the application of new digital technologies and we see SourceMedia as an ideal platform from which to pursue that growth," said Joseph Meyer, who founded Observer Capital last year. The firm focuses on middle-market private equity and special-situations investments. Meyer serves as CEO of Observer Media, the holding company that publishes the New York Observer, which was bought by real estate investor Jared Kushner, Meyer's brother-in-law, for $10 million in 2006. Meyer previously worked for the hedge fund Elliott Management and MSD Capital.