Alternative asset management firm Palmfund Management will purchase the Latin American publishing operations from information provider LexisNexis.
The private equity firm has partnered with a management team to form Legal Publishing Netherlands Coöperatie, which will purchase the local legal, tax and regulatory publishing operations of LexisNexis in Argentina, Chile and Mexico. Financial details were not disclosed.
Operations for the acquired publishing groups will be headed by newly appointed chief executive Juan Alberto. Existing management teams will remain in place as will current brand names: Dofiscal in Mexico, Abeledo Perrot in Argentina and Ediciones Tecnicas in Chile.
LexisNexis, owned by Dutch publishing company Reed Elsevier, is selling the publishing businesses as a strategic decision. “These are strong brands, but the markets do not offer the size and speed of acceptance of technology-based solutions we are looking for,” said Judy Vezmar, chief executive of LexisNexis Europe, Canada, Latin America and Africa.
New York-based Palmfund sponsors and manages private equity, real estate and other investments in emerging markets, principally in Latin America. Key markets include the Dominican Republic, Mexico and the Andean region which includes Venezuela, Colombia, Peru and Ecuador.
The firm’s Latin America Investment Fund for private equity is targeting $250 million (€158 million) and currently has more than $90 million in commitments. The fund targets control equity investments of $15 million and greater.
Palmfund previously acquired 99 percent of Dominican insurance company ProSeguros in May 2006 for an undisclosed amount.