Brad Inman retains an ownership stake and the current team will continue running the company, with plans for significant growth.
Big news, gang, as he might put it. Brad Inman has decided the time has come for him to sell Inman, the real estate information company he started at his kitchen table 25 years ago and built into the leading purveyor of information for the residential real estate industry.
Canadian private equity firm Beringer Capital, which previously owned media company Adweek, is the acquirer, the two companies announced Monday. Brad Inman will retain a stake in the company, serve on the board, and stay involved in the Inman community. The companies did not publicly disclose financial details of the acquisition.
Inman praised Beringer, saying in a phone conversation that among other things the firm’s leadership understands and respects the editorial process.
“We found a partner whose values and priorities closely align with our own,” he said.
Inman went on to add that when he founded his company, his kids were still small. The internet was in its infancy and his family helped him lick stamps and send out materials. Today, however, his children Cal and Liz are in their late 30s and he himself is 68 — a fact he cited as one of the reasons he finally decided it might be time to sell.
“I saw it was time to worry less about it and let someone else do that,” he added.
The acquisition should, at least in the immediate term, mean few changes for the Inman community. Beringer managing partner Lu Cacioppo said in a phone call that the publication’s staff — including top leadership — will remain in place, and the firm plans to invest in Inman with the goal of doubling its size. Cacioppo ultimately said Beringer’s partners were attracted by the outlet’s reach, active community and leadership in real estate news, and wanted to build on those successes.
“Inman is just the best there is out there,” Cacioppo said, “and that was pretty clear to us in our due diligence.”
Brad Inman said he would “continue to be engaged” and looks forward to seeing the news outlet that bears his name reach the “next level.” Inman said that will entail reaching “more and more readers,” expanding into new editorial verticals and hiring more journalists. Asked about topics he’d like to see get more attention after the acquisition, Inman pointed to digital transactions, as well as ancillary services such as title and mortgage — the latter of which recently became the subject of a new Inman newsletter.
Inman CEO Josh Albertson, who will continue to lead Inman post-acquisition, said what appealed to him about Beringer was the fact that they “get what we do and how important it is to be connected to the audience.”
Albertson framed the acquisition as a positive thing for Inman’s readership, sponsors, and staff members.
“It’s an exciting time to be in this category,” he concluded. “And it’s an exciting time to have a partner that shares our ambition.”