Penton Media Inc, which is headquarted in Ohio, is currently divesting its European interests in order to focus on opportunities in the US and Asia and therefore leapt at the chance to sell its UK business to management. It has, however, opted to retain a ten per cent stake in its former subsidiary.
Andy Center – currently vice chairman of the Association of Exhibition Organisers – led the MBO team. PME organises events and offers a range of other business-to-business services for those operating in the IT, internet and leisure sectors. It is Center’s hope that the buyout will enable the group to react more rapidly to market needs.
Though specific transaction details have not been revealed, NVM’s Peter Hobson does comment that ‘we are delighted to support [PME’s] expansion plans and look forward to partnering the team during the coming years.’
Active corporate finance boutique Livingstone Guarantee introduced the deal to NVM.