Home Run by Ithaca Sale to UBM
Little more than two years after it advised the management of Penton Media on a management buy-out from its US parent company, Arrowpoint Advisory's Media & Technology sector team has advised on the sale of the business to United Business Media.
Since the buy-out, which was backed by private equity house NVM Private Equity, the company has traded under the name of Ithaca, operating a portfolio of UK exhibitions and related media including well established shows such as Internet World, Leisure Week and Service Management Europe.
Arrowpoint Advisory's Head of Media Richard Fetterman says: "We are delighted to have concluded a deal with UBM - we knew that a strategic purchaser would offer shareholders the right deal, whilst providing the business and its employees with an ideal platform to take it to the next level. This deal achieves all of these objectives".
Fetterman pointed out that the sale of Ithaca highlighted the continuing strength of M&A activity in the Media Sector.
Gary Hughes, Chief Executive Officer of CMP Information, UBM's UK based business information division, comments: "I am pleased that we are expanding our UK event portfolio in a number of our existing B2B markets, adding a complementary event component in our offering in each of those B2B communities".