Key Takeaways
- • Thryv Holdings agreed to sell its print directories business (White Pages and Yellow Pages units) to Los Angeles-based private equity firm Carolwood LP for $142 million in cash.
- • The transaction represents a strategic divestment of Thryv's legacy print publishing assets, allowing the company to focus on higher-growth business segments.
- • Holland & Knight LLP represented Thryv as seller; Sheppard Mullin Richter & Hampton LLP advised Carolwood as buyer in the transaction.
- • The deal closed Monday, September 14, 2026, and reflects continued consolidation in the declining print directories sector.
Summary
Thryv Holdings Inc. has agreed to divest its print directories business to Carolwood LP, a Los Angeles-based private equity firm, in an all-cash transaction valued at $142 million. The deal encompasses Thryv's White Pages and Yellow Pages units, marking a significant reduction in the company's exposure to legacy print publishing operations.
The transaction highlights the ongoing strategic repositioning of Thryv as the company reduces its reliance on declining print media revenues. By monetizing these mature directory assets, Thryv can reallocate capital and management focus toward higher-margin digital and software-based business lines that better align with market demand.
Carolwood LP's acquisition of the directories business represents the PE firm's entry into the print publishing sector. The $142 million valuation reflects the current market's assessment of the directories business—an industry facing structural headwinds from digital disruption but still generating steady cash flows from incumbent customer bases.
Holland & Knight LLP provided legal counsel to Thryv in structuring and executing the sale, while Sheppard Mullin Richter & Hampton LLP advised Carolwood throughout the transaction process. The all-cash consideration provides Thryv with immediate liquidity for capital deployment or balance sheet optimization.
The deal announced Monday represents a clean separation of Thryv's print legacy business from its broader commercial services platform, enabling clearer strategic focus and potentially improving valuation multiples for the combined remaining entity.
The transaction highlights the ongoing strategic repositioning of Thryv as the company reduces its reliance on declining print media revenues. By monetizing these mature directory assets, Thryv can reallocate capital and management focus toward higher-margin digital and software-based business lines that better align with market demand.
Carolwood LP's acquisition of the directories business represents the PE firm's entry into the print publishing sector. The $142 million valuation reflects the current market's assessment of the directories business—an industry facing structural headwinds from digital disruption but still generating steady cash flows from incumbent customer bases.
Holland & Knight LLP provided legal counsel to Thryv in structuring and executing the sale, while Sheppard Mullin Richter & Hampton LLP advised Carolwood throughout the transaction process. The all-cash consideration provides Thryv with immediate liquidity for capital deployment or balance sheet optimization.
The deal announced Monday represents a clean separation of Thryv's print legacy business from its broader commercial services platform, enabling clearer strategic focus and potentially improving valuation multiples for the combined remaining entity.
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