EnsembleIQ Acquires Drug Store News, Chain Store Age
CGT parent company EnsembleIQ has purchased substantially all media, digital and event assets from New York City-based Lebhar-Friedman. Started in 1925, the third-generation family business produces Drug Store News, Chain Store Age and Hardware and Building Supply Dealer.
The transaction also includes Chain Store Age’s SPECS and X/SPECS, two strategic events focused on physical retail that bring together the nation’s top retailers and suppliers to learn, share ideas, develop business partnerships and solve problems.
The Lebhar Friedman brands will operate under the EnsembleIQ umbrella under the continued leadership of senior vice president John Kenlon and his management team, including Gary Esposito, Eric Savitch and Seth Mendelson. Chief executive officer and president Randall Friedman will serve in an advisory role during the transition; chairman Roger Friedman will devote his time to new ventures.
“We’re thrilled to have these iconic brands and talented employees join the EnsembleIQ family,” said David Shanker, CEO of EnsembleIQ. “Adding chain drug, hardware and store operations reach and expertise provides our collective subscribers and customers with a comprehensive view of retail insights and information throughout the United States and Canada.”
“The company that my grandfather Arnold founded and my father Roger ran for many years has always been focused on the retail industry,” said Randall Friedman. “The fact that EIQ also has great brands and deep expertise in retail makes me very optimistic that the LF roots will continue to grow and bear fruit in the years to come.”
EnsembleIQ is a premier business intelligence resource that exists to help people and their organizations succeed. It is structured to serve the business-to-business needs of retailers, consumer goods manufacturers, technology providers, hospitality and healthcare professionals, marketing agencies and retail service providers by using its integrated network of media and information resources designed to inform, connect and provide actionable marketplace intelligence.
EnsembleIQ is a portfolio company of RFE Investment Partners, a private equity investor with more than 30 years of experience investing in growth companies in partnership with strong management teams.