Figure 6: Transactions by segment by year
Conferences Integrated Exhibitions25
2220
sn 18
tio 17c 15
as 15
n 14
ra 13 13T
f 10o
# 10
8 7 7
5
5
0
2005 2006 2007 2008(H1)
Years
Source: DeSilva + Phillips database
Figure 6 above shows the positive trend in the number of completed deals leading up
to the market turmoil, which began in the summer of 2007. Initially, 2007 was a very
active year for exhibition deals, which are typified by a larger number of lower cost
transactions. But as the sub prime mortgage market collapsed in the late summer,
the number of deals fell off sharply. The last four months of 2007 were severely
impacted, with only eight events-related transactions. In 2008, however, the pace
picked up with twice that number of transactions in the first six months of the year.
Despite overall reduced M&A activity, the events market seems to be holding its own,
and may in fact have another strong year of M&A. Deal volumes appear to be
holding up, despite the fact that buyers are paying lower multiples due to financing
constraints and a weaker overall market outlook. United Business Media has
evidently concluded that the market is ripe for acquisitions, having made four
purchases already this year.
There are a number of private equity firms who have been very active in events-
related M&A transactions since 2005. Combined, the top nine acquirers have
accounted for 26% of the transactions in events since 2005. The most active firms
have been:
Figure 7: Private equity acquirers
Firm Portfolio companies
ABRY Partners Cygnus Business Media
Penton Media
F+W Media
Audax Group Questex Media
CCMP Hanley Wood
Ascend Media
Nautic Partners and Alta Communications 1105 Media
Spectrum Equity Apprise Media
Veronis Suhler Stevenson Hanley Wood
Advanstar
Access Intelligence
Ascend Media
Red7Media
Schofield Media
8
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