UNQUOTE

Blackstone-backed Clarion Events expands to US

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Blackstoneт€™s UK-based event organiser Clarion Events has expanded into the US with the purchase of PennWell Corporation, an Oklahoma-based events, media and marketing company.

PennWell employs 550 people and owns 130 media properties. The company organises and manages more than 40 events globally.

The acquisition is the third bolt-on for Clarion this year after it bought Berlin-based Premium Group from Waterland Private Equity in February and followed this up with the acquisition of Hong Kong-based Global Sources a week later.  

After the acquisition of Global Sources, Clarion expected to organise 200 events a year and generate revenues in excess of £300m.

Blackstone acquired London-based Clarion from Providence Equity Partners in July 2017 for an enterprise value of around £600m.

Company
PennWell was founded in 1910 and was originally set up to serve the oil and gas industry. It still has clients in the sector such as the Oil and Gas Journal, but has also expanded into energy more broadly as well as emergency services, dental and industrial technology. The company employs 550 people.

People
Clarion Events – Simon Kimble (chair); Greg Topalian (CEO).
PennWell – Frank Launiger (vice-chair); Mark Wilmoth (CEO).

Advisers
Company – Jegi (corporate finance).

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