An investment group led by J.P. Morgan Partners (JPMP), a private equity affiliate of J.P. Morgan Chase & Co. has closed on its purchase of Hanley Wood, a business-to-business media company serving the residential and commercial construction industries, from Veronis Suhler Stevenson. The investment group also includes Wasserstein & Co., plus current and former Hanley Wood management. Hanley Wood founder Michael Wood steps down as CEO but remains a board member. Frank Anton, formerly president, becomes Hanley Wood's CEO and remains a board member. All of the company's divisional presidents continue in their roles.