Joseph Meyer
Joseph Meyer

In its debut deal, private equity firm Observer Capital has acquired SourceMedia Inc., the publisher of National Mortgage News, Mortgage Servicing News, Origination News and American Banker, from private equity firm Investcorp, for undisclosed terms.

"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," says Joseph Meyer, who founded Observer Capital in 2013.

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 hedge fund Elliott Management and MSD Capital.

New York-based SourceMedia is a business-to-business media company with publications aimed at the financial, technology and health care industries. The company provides clients and paid subscribers with digital news, information, industry research, data, conferences, seminars and marketing services. Douglas Manoni will continue to serve as CEO.

SourceMedia has been backed by Investcorp since 2004, when the Manama, Bahrain-based private equity firm carved it out of Thomson Financial (now Thomson Reuters) for a reported $350 million. In 2011, Investcorp sold a unit of the company that focused on data called Accuity to Reed Elsevier plc (NYSE: ENL) in a deal said to be worth $530 million.

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