Moose River Publishing (MRP) publishes six controlled circulation magazines servicing the turfgrass, landscaping and agricultural industries.  The largest publication is Turf Magazine, a monthly publication with a circulation of 65,000.  It represents 65% of MRP’s total annual revenues.

MRP, based in St. Johnsbury, Vermont, was formed as an LLC, to acquire the assets of the predecessor company from its founders.  BP initially provided the capital to MRP to fund the required deposit, as well as all transaction expenses.  BP worked with existing MRP management to structure and implement an orderly transfer of ownership, and arranged and negotiated a $3.8 million private placement of senior debt and preferred equity.  Upon completion of the acquisition, management received significant equity ownership of MRP.  In May 2003 and November 2004, BP assisted the Company in completing two refinancings, allowing MRP to redeem its preferred stock and provide for two significant dividend distributions to its shareholders which totaled 3.7x their original investment.  BP was an equity owner.

In December 2005, Bariston managed the sale of a controlling interest in MRP to a private equity firm at an attractive enterprise valuation.  This resulted in a significant cash return and IRR to MRP’s owners, including Bariston.