NASHVILLE – Endeavor Business Media acquired a number of the former PennWell events and media properties for the oil and gas industry, industrial technology, dentistry, and water utilities industries from Clarion Events. (Press release: https://tinyurl.com/Endeavor-PennWell-Feb-2019) The deal featured six conferences and three trade shows, including Strategies in Light, Subsea Tieback and RDH, a show for dental hygienists. Terms were not disclosed, but the financing was led by Resolute Capital Partners and FirstBank.
“When the opportunity came along to add a significant number of the former PennWell brands to our company we jumped at the chance,” said Endeavor CEO Chris Ferrell. “Their organizational structure and product mix will fit nicely with how we approach the business.”
Following the acquisition, Endeavor has nearly 400 employees in 12 offices operating more than 40 print and digital brands. Formed in 2017, the company also produces more than 40 events, including eight trade shows and conferences. Resolute Capital Partners is the private equity sponsor of Endeavor.
“Since Clarion acquired us last March, we have been working diligently on the transition, which included a deliberate plan to find a good home for PennWell businesses in markets that were not central to Clarion’s future goals,” said PennWell President and CEO Mark Wilmoth. “Endeavor Business Media is a young, rapidly-growing company and will be a great parent for the PennWell media and events businesses serving the oil and gas, water, dental, and industrial technology sectors.”
Clarion and Endeavor will each have a continuing office presence in Tulsa, Okla., where PennWell was founded in 1910.
“We are delighted that the remaining PennWell properties are going to such an excellent home,” said Clarion Executive Chairman Simon Kimble. “The properties included in the portfolio are incredibly strong. Many are very long-standing, and they are all managed by a highly talented team. Finding the right partner to continue the PennWell legacy has been important to us, and we are confident that the combination with Endeavor will create an exciting future for the business.”
Clarion stepped up its presence in the U.S. market last April when it acquired PennWell, but these events and media titles were never fully integrated with Clarion. The media-heavy focus of these products don’t fit the “events first” strategy for Clarion, said Greg Topalian, CEO or Clarion UX and LeftField Media. Following the sale, Clarion UX, the company’s U.S. division, produces 45 events in the U.S. annually. Founded in 1947, Clarion operates more than 180 events in 50 countries from 15 offices in the UK, the US, South Africa, Brazil, Germany, Singapore, UAE, Indonesia, Hong Kong and the Netherlands.
“The addition of the highly-respected PennWell brands is an exciting milestone for Endeavor,” said Caroline Ducas, Partner for Resolute Capital. “We are very pleased with the progress the Endeavor team is making toward building an outstanding portfolio of event and media properties.”
Brian DeCicco from Berkery Noyes served as the financial advisor to Clarion.