Toronto-based private equity firm Beringer Capital acquired a majority stake in Benzinga, a business website covering various sectors, including marijuana.
Financial terms of the sale were not disclosed.
According to a Monday news release announcing the transaction, Detroit-based Benzinga has 100 employees and its website has “nearly 25 million readers each month – spanning more than 125 countries worldwide – and organizes industry conferences to connect individual investors with public companies.”
“Benzinga is just entering the second inning of what we will build. Partnership with Beringer drastically accelerates the timeline to realize our ambitions of what we can provide investors globally,” Jason Raznick, founder and CEO of Benzinga, said in a statement.
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Canaccord Genuity advised on the transaction.
The deal comes one month after Detroit-headquartered media company Crain Communications acquired Green Market Report, which covers financial news in the cannabis sector.