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.

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