Penton Media today acquired Farm Progress from Fairfax Media Ltd. of Sydney, Australia, significantly expanding its agriculture sector footprint to become the largest and most diversified agriculture information business in North America, offering live events, digital products, data, marketing services and publications. This acquisition directly supports a key Penton strategy of increasing investment in existing sectors that offer strong long-term growth potential, and it more than doubles Pentons position in agriculture, which becomes the companys largest sector group. The purchase price was $79.9 million before certain adjustments.
The acquisition boosts Pentons U.S. agriculture market coverage, connecting it to nearly 75% of the 2.2 million farms and ranches in the US and an estimated 85% of the nations annual agricultural gross domestic product.
Farm Progress features four of the industrys leading farm trade events, including the nations largest outdoor farm show, a robust broadcast division, and many well-established media brands. They join Penton Agricultures portfolio of market-leading franchises.
Agriculture: A Long-Term, Global Growth Industry
"Our investment is supported by several inarguable global economic trends including rising demand for nutrition, limited arable land and water, and strong export potential for agriculture products, capital equipment and related production technology into developing countries," said Penton CEO David Kieselstein.
The world looks to the U.S. as the center of innovation in agri-science, which gives Penton a unique opportunity to help this industry grow both domestically and internationally, he said.
How Farm Progress Fits Into Penton
We've always had tremendous respect and admiration for Farm Progress and its products. We also have a clear, strategic commitment to grow our agricultural information business, and Farm Progress perfectly supports that goal, Kieselstein said.
Farm Progress is a high quality company the team has delivered excellent organic revenue and EBITDA growth, he continued. Moreover, this business fits with Pentons heightened focus on properties that have high levels of user engagement. The fact that Farm Progress events attract more than 200,000 attendees from across the agriculture community every year is a prime example of that value.
The business case for combining Penton Agriculture and Farm Progress is compelling: the two companies have deep market and content expertise, but the agriculture sub-industries and geographies they serve have minimal overlap. Together, they represent a uniquely powerful strategic reach advantage for any agriculture marketer looking to maximize their business results.
Farm Progress will become part of the Penton Agricultural Group reporting to Penton Senior Vice President, Dan Bagan. Jeff Lapin, president of Farm Progress, will leave the company at the end of the year.
Farm Progress will remain headquartered in St. Charles, Ill.
See below for a current listing of combined Penton Agriculture Media and Farm Progress brands.
PENTON AGRICULTURE PRODUCTS AND SERVICES PUBLICATIONS Beef Corn & Soybean Digest Farm Industry News Delta Farm Press Hay Forage Grower National Hog Farmer Southeast Farm Press Southwest Farm Press Western Farm Press FARM PROGRESS PRODUCTS AND SERVICES EVENTS
Farm Progress Show Husker Harvest Days Farm Progress Hay Expo NY Farm Show
American Agriculturist Beef Producer California Farmer Carolina-Virginia Farmer Dakota Farmer Farm Futures Feedstuffs Indiana Prairie Farmer Kansas Farmer Irrigation Extra Michigan Farmer Mid-South Farmer Missouri Ruralist Nebraska Farmer Ohio Farmer Prairie Farmer Southern Farmer Tack The Farmer-Stockman The Farmer Wallaces Farmer Western Farmer-Stockman Wisconsin Agriculturist
Farm Progress America