Phillips Publishing seeking a buyer

Maryland Watch

March 11, 1998

Phillips Publishing International Inc., a privately held company based in Potomac, said yesterday that it has hired an investment bank to help it explore "strategic options," including a sale of the company.

The 24-year-old diversified publisher and owner of a vitamin and nutritional supplements company employs 1,200 and had annual sales of $303.5 million last year.

Phillips' founder and president, Thomas Phillips, said he plans to retain one of the company's four subsidiaries, Eagle Publishing Inc., which puts out public-policy publications, including the "Evans-Novak Political Report" newsletter.

Phillips has hired investment bank Goldman Sachs & Co. to seek potential buyers for the balance of Phillips Publishing.

The company includes Phillips Publishing Inc., publishers of health and investment newsletters; Phillips Business Information Inc., which handles business newsletters, magazines, conferences, seminars, CD-ROMs and online services and directories; and Hart Publications Inc., energy publications.

Pub Date: 3/11/98

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