Penton Media deal increases LG activity in Media Sector

June 2005

Integrated business to business (B2B) media company Penton Media Europe (PME), has announced the successful completion of it’s management buy out from parent company Penton Media Inc.

PME is a leading integrated business-to-business media and exhibition company specialising in the IT, internet and leisure sectors. Initially focused purely on exhibitions, the company’s range now includes magazines, online events and roadshows as well as niche business trade shows and conferences. Key events include Leisure Industry Week, Internet World and Saltex.

Corporate finance boutique Livingstone advised the management team and the private equity funders Northern Venture Managers (NVM), to whom they introduced the deal.

Andy Center, who led the MBO team, comments: "We were initially sceptical of taking on professional advisers, but soon realised that Livingstone would be pivotal to the transaction happening. We could not have gone into the negotiations in a better position. We were confident we were receiving the best advice possible.”

“Within a few weeks of meeting Livingstone director Alex Sheffield we started treating him as one of us, and that is the biggest compliment I can pay him. At the end of the day they stuck to everything they promised and they delivered.”

Alex Sheffield comments: “Andy and his team have a strong track record of successfully growing B2B media businesses. This made the MBO an attractive proposition for private equity backers, who continue to demonstrate strong interest in investing in the media sector. We were able to generate significant interest from the private equity community before agreeing a transaction with Northern Venture Managers.”

The transaction is a further example of Livingstone’s activity in the media sector, having advised on the MBO of John Brown Citrus Publishing, backed by Bridgepoint Capital, less than six months ago.

Peter Hodson, the investment manager leading the transaction for NVM, said: “PME represents a great investment for NVM. Andy heads up a first rate team who have positioned the business to benefit from the improving market conditions within IT and leisure. We are delighted to support their expansion plans and look forward to partnering the team during the coming years.”

Alex Sheffield, Director
Tel: 020 7484 4700
Email: asheffield@livingstonepartners.co.uk

L to R: Celia Guy, Phil Nelson, Andy Center (PME), Peter Hodson (NVM), Alex Sheffield (LG), Mark Napier and John Soane (PME)