Pfingsten Publishing, L.L.C. Agrees to Acquire Advanstar Communications, Inc.'s Art Group
February 26, 2004…Pfingsten Publishing, L.L.C. signed a purchase agreement to acquire the assets of the Advanstar Art Group of Advanstar Communications Inc., announced Thomas Bagley, Chairman of Pfingsten Publishing, L.L.C. of Cleveland, OH and Robert Krakoff, Chairman of Advanstar Communications, Inc. of Boston, MA. The acquisition will combine Pfingsten’s art properties—DECOR magazine, four DÉCOR Expo tradeshows and Art Expressions Magazine— with Advanstar’s Art Business News, Framing Business News, Artexpo New York and Art Miami into a single business unit that will benefit both advertisers and exhibitors by bringing a dedicated focus to distinct customer segments of the $17 billion U.S. art and framing industry. Mr. Bagley said, “The combination of our market-leading decorative art and framing group with Advanstar’s market-leading fine art group will result in exceptional operating synergies and allow the combined entity to provide a comprehensive product offering to advertisers, readers, exhibitors and attendees. We are thrilled to have the opportunity to acquire these assets.” Mr. Krakoff stated, “This is a logical combination and we wish Pfingsten well in their new efforts.” Advanstar also indicated it will use the proceeds to continue to expand its activities in its 18 other markets and in new areas. With the addition of the Artexpo New York and Art Miami shows, Pfingsten Publishing will now be in a position to offer a continuum of differentiated trade shows and related educational and electronic products that address distinct segments of the art market. Combined with its four DECOR Expo shows, Pfingsten Publishing will be the art and framing industry’s No. 1 producer of trade shows in the world, serving the largest three segments of the global art market. Similarly, on the publication side, Pfingsten Publishing will add Art Business News and Framing Business News to DECOR magazine and serve three distinct markets with the No. 1 magazines. The magazine group also will have the ability to offer advertisers a wide selection of products (magazines, directories, custom publishing, educational and electronic products) supported by high-quality, distinct editorial. In Europe, the company will continue to serve the art and framing market through Art Expressions Magazine, an acquisition that was completed in the fall of 2003, and a combined Artexpo/DECOR Expo show in Madrid in January 2005. “We are excited about the opportunities the combined business group will bring to the marketplace,” said Joe Bennett, President of Pfingsten Publishing. “By combining the assets of these two industry-leading businesses, we will enhance our ability to provide advertisers and exhibitors more efficient planning and integration of their marketing efforts as the needs of the various market segments dictate.” The Jordan, Edmiston Group, Inc. of New York, NY represented Pfingsten Publishing, LLC in this transaction. About Pfingsten Publishing, LLC Based in Cleveland, OH, Pfingsten Publishing (www.pfpublish.com) is a business-to-business media company that serves eight market segments through three business groups. The company’s Art and Framing Group serves the decorative art and fine art markets; the Financial Services Group serves the life and health insurance, property & casualty insurance and mortgage origination markets; and the Industrial Group serves the commercial construction, material handling, and maintenance repair and operations (MRO) markets. Pfingsten Publishing is owned by Pfingsten Partners, LLC (www.pfingstenpartners.com), an operationally oriented private equity firm located in Deerfield, IL. Pfingsten Partners was formed in 1989 to make equity investments in middle-market manufacturing, distribution and specialty publishing companies.
About Advanstar Communications, Inc. Based in Boston, MA, Advanstar Communications, Inc. (www.advanstar.com) is a worldwide business information company serving specialized markets with high quality information resources and integrated marketing solutions. Advanstar, after this transaction, produces 113 business magazines and directories, 76 tradeshows and conferences, numerous Web sites, and a wide range of print and electronic direct marketing, database and reference products and services. Advanstar serves targeted market sectors in the automotive, beauty, e-learning, call center, digital media, entertainment/marketing, fashion and apparel, healthcare and pharmaceutical, manufacturing and processing, power sports, science, telecommunications and travel/hospitality industries. The Company has more than 1,400 employees and currently operates from multiple offices in North America, Latin America, Europe and Asia. About The Jordan, Edmiston Group, Inc. The Jordan, Edmiston Group, Inc. (www.jegi.com) is the leading M&A boutique investment bank serving the needs of companies in the Publishing, Exhibition, Information and Communications industries, having completed over 400 transactions in these sectors. Founded in 1988, the firm strives at all times to operate with overall excellence and maximize value for each client through an orderly, effective and timely process. Fundamental to JEGI's success is its unswerving commitment to provide market-leading knowledge and to perform at the highest levels of integrity, quality and success.