Cahaba Media Group Receives Majority investment from local executives
Leadership Team to Continue to Grow Business through Acquisition and Investment
Birmingham, Ala. – June 29, 2020 – Cahaba Media Group (CMG), a leading business-to-business media publishing company in the industrial, construction and home health sectors, announced today that it has sold a majority equity stake to a team of Birmingham executives, Matthew Conroy and Matt Lyons.
The company’s founder and CEO, Wally Evans, is retiring after building the business for more than 17 years with the acquisition and launch of several leading trade media brands, including Pumps & Systems, Construction Business Owner and HomeCare. Evans will continue as a consultant and advisor to the company, which has its headquarters in downtown Homewood, Alabama and an office in Tuscaloosa, Alabama.
“One of my goals in starting Cahaba Media Group was to create a business that had enduring value beyond me personally and this transaction demonstrates that value – our team works every day to develop compelling content for our readers and to deliver creative, valued-added solutions to our advertising partners,” Evans said. “I’m excited for the next chapter and believe that CMG is in excellent hands with Matthew & Matt.”
Conroy, who was previously chief financial officer of Momentum Telecom, was named president and CEO and Lyons, who founded the defense and space company LinQuest will take on the role of chairman.
“Cahaba Media Group is a Birmingham success story,” Conroy said. “Wally and the team have created an incredible platform for future growth, both organic and by acquisition, and have done so while creating an award-winning company culture and an impressive team of media professionals. That enduring culture makes CMG what it is today and in the future and forms the foundation of Wally’s business legacy to the company.”
Lyons said the partners plan to grow the company while remaining local.
“We intend to continue to invest to grow our existing properties as well as acquire additional media brands with the hope to bring more jobs and growth to Birmingham,” he said. “We really see CMG as an engine for economic growth right here in my home town of Birmingham.”
Bradley Arant Boult Cummings LLP served as legal counsel to Evans in connection with this transaction. Regions Financial provided financing and Maynard Cooper & Gale PC served as legal counsel to Conroy and Lyons. Financial terms of the transaction were not disclosed
President & CEO
Cahaba Media Group
Cahaba Media Group