Exclusive: Recurrent Ventures acquires Business of Home
Recurrent Ventures, a venture equity-backed digital media company, has acquired Business of Home, a digital and print publication dedicated to home and interior design enthusiasts, Axios has learned.
Why it matters: It's the first B2B brand that Recurrent has acquired as it looks to build a small digital publishing empire.
- Recurrent has built a portfolio of more than two dozen digital media outlets through targeted acquisitions of established brands over the past few years spanning home, lifestyle, military, outdoor, science, and tech verticals.
- It raised $75 million in October to continue buying distressed assets, often in print, that it can revive as digital brands.
Between the lines: Business of Home will join other Recurrent titles like Domino and Lonny in rounding out Recurrent's home category.
- Recurrent also owns food site Saveur and wine website JancisRobinson.com, which executives think will help round out a unique offering for advertisers looking to reach home and hospitality enthusiasts.
Catch up quick: Business of Home was founded by veteran design journalist Julia Noran Johnston in 2009 as a high-end media brand for industry interior design professionals.
- Today, it employs 11 people and creates content across an array of channels, including its website, newsletters, a quarterly print magazine, podcasts, and more. Its annual conference, Future of Home, is one of the biggest interior designs events in the country.
Details: Noran Johnston will remain Head of Business of Home and continue to oversee the brand's day-to-day operations alongside the outlet's editor-in-chief, Kaitlin Petersen.
- All of Business of Home’s 11 employees will join Recurrent.
- With the deal, Business of Home hopes to grow its editorial team and expand its Future of Home event, into a national event series.
- In a statement, Recurrent CEO Lance Johnson said Business of Home's successful events business "will also yield best practices that we can implement as we grow that revenue stream across Recurrent."
- Deal terms were not disclosed.
The big picture: Recurrent is one of several digital media rollup firms looking to scale its traffic with niche publications and monetize it via custom ad tech.
- The firm was launched by private equity firm North Equity last summer as the operating business for North Equity's digital media portfolio.
- North Equity began acquiring digital publications in 2018, starting with its acquisition of The Drive from Meredith in late 2018. It later acquired several titles from Bonnier Corporation in 2020, including Popular Photography.
- Recurrent has recently relaunched three brands it had recently acquired as digital sites only, like Mel Magazine, Popular Photography and Car Bibles.