Buyers Chasing Sellers: Once Again, M&A Is Hot

The investment community never seems to reach a state of equilibrium. Things go well, until they start going bad. There is plenty of capital to invest, until there isn't. There are lots of opportunities, until there are none.

The community of bankers, investors, dealmakers, buyers and sellers that focus on the tradeshow industry is no different. Many in this group spent the last few years shaking their heads at what eventually seemed like the astronomical sums they or others paid for tradeshow properties, and lamenting the state of the industry.

Today, there is little lamenting going on.

Once again, M&A is hot — and so are those who make the deals. All of which raises a new set of questions. In the next few pages, Tradeshow Week Associate Editor Margo McCall takes an exhaustive look at the current state of mergers and acquisitions in the tradeshow industry, and comes up with a few answers to those questions.

Cameron Bishop, CEO, Ascend Media

• Former Intertec and Primedia executive ... formed Ascend Media in 2002 with former colleagues Dan Altman and Ron Wall, and with backing from Veronis Suhler Stevenson and JP Morgan ... acquired Medical World Communications and Exhibitor Visibility World in December and SynerMed Communications in November ... previously acquired Atwood Publishing, which produces trade-show-related publications.

Kevin Condon, CEO, Proximus B2B

• August investment in Retail Systems Alert Group, which produces the Retail Systems/VICS Conference held at Chicago's McCormick Place each spring ... former executive vice president for Cahners Business Information and Advanstar Communications ... Proximus backed by media private-equity firm Alta Communications ... previously backed by Chicago-based private-equity company GTCR Golder Rauner to the tune of $100 million.

David Cheifetz, Managing partner, The Compass Group Intl.

• Has spent more than three decades in the exhibition industry ... founding member of Society of Independent Show Organizers ... founder of Full Circle Media ... has acquired or launched more than 100 events ... produced 40 events annually ... previously worked for Ernst & Ernst accounting firm and Sonesta Hotels ... was among first to see synergy between tradeshows and business-to-business magazines.

Mark Colodny, Managing director, Warburg Pincus

• Joined Warburg Pincus in 2001 ... interested in acquisition of must-attend tradeshows ... previously senior vice president of corporate development at Primedia ... also worked at Fortune magazine ... holds a bachelor's degree from Harvard College, an MBA from Harvard Business School and law degree from Harvard Law School.

Robert Crosland, Managing director, AdMedia Partners

• Joined AdMedia Partners in 1987 ... has more than two decades of executive experience in magazine publishing and information services ... did stints with Ziff Davis, McGraw-Hill and Sterling Publishing ... holds a bachelor's degree in psychology from Furman University and an MBA from Wake Forest University ... represented Proximus B2B in Retail Systems Alert Group investment.

Hal Greenberg, Managing director, Veronis Suhler Stevenson

• Joined Veronis Suhler Stevenson in 1988 from position as director of planning and acquisitions at McGraw-Hill ... has been active with Canon Communications, Access Intelligence and Ascend Media ... previously director of acquisitions at CBS ... holds bachelor's degree in economics from Lake Forest College, law degree from the New England School of Law and MBA from New York University.

Peggy Koenig, Partner, ABRY Partners

• Joined ABRY in 1993 ... on board of Cygnus Business Media ... responsible for sourcing, negotiation and oversight of numerous private-equity transactions ... former partner at Sillerman Communications Management media bank and director of finance for Magera Management, an independent motion picture financing company ... holds MBA from the Wharton School of the University of Pennsylvania, and undergraduate degree from Cornell University.

Richard Mead, Managing director, Jordan Edmiston Group Inc.

• Joined Jordan Edmiston Group Inc. in 1997 ... gave portfolio restructuring advice to Daily Mail & General Trust, Penton Media, Primedia, Reed Elsevier, The Economist Group, Warburg Pincus and VNU ... orchestrated sale of Duke Communications to Penton Media and sale of Reed Elsevier's information technology group to The Washington Post ... participated in more than 250 transactions since moving to the United States in 1983.

Nick Curci, President, Corporate Solutions

• Recently represented sale of Seascape Productions' San Diego Interior Design & Landscape Expo to dmg world media and sale of Mindshare Ventures, producer of ShowBiz Expo, to JD Events ... handled $66 million sale of pulver.com's VON events to the former Key3Media Group in 2001 ... former CFO of Full Circle Media, which operated 35 tradeshows generating $40 million in annual sales.

Wilma Jordan, CEO, Jordan Edmiston Group Inc.

• Called "a merger master" by the American Business Press ... founder of boutique investment bank JEGI and founding general partner of venture capital arm JEGI Capital ... also founded 13–30 Corp., a company with $80 million annual revenue and 21-percent profit margins ... sold stake to management-buyout group in 1985 ... former COO of Esquire Magazine Group ... sits on several company boards.

Bob Krakoff, Chairman and CEO, Blantyre Partners

• Tradeshow industry icon ... has secured dozens of acquisitions over the years ... formed own company to build a new media platform after stepping down as Advanstar Communications' chairman in August ... was among the numerous bidders for Thomson Media ... former head of Cahners Publishing and Reed Exhibition Companies ... strong advocate of developing synchronicity between tradeshow and magazine properties.

Joel Novak, Managing director, Berkery, Noyes & Co.

• Joined Berkery, Noyes in 2003 after spending 10 years as managing director at VSS ... has closed and advised on 50 B-to-B transactions, including Fortmann, Little's purchase of Ziff Davis and the sale of Larkin and Expocon Trade Shows to Advanstar Communications ... Columbia University graduate ... holds law degree from New York University.

Jeffrey Stevenson, Managing partner and co-CEO, Veronis Suhler Stevenson

• Joined firm in 1982 ... head of private-equity business since its first investment in 1989 ... approves all capital commitments and directs investment activities of equity funds ... previously executive vice president of VSS' corporate finance department ... on boards of numerous companies, including Canon Communications, Hanley Wood and Access Intelligence ... holds bachelor's degree from Rutgers University.

Kathleen Thomas, Managing director, Berkery, Noyes & Co.

• Joined Berkery, Noyes in 2003 after spending nine years as managing director at VSS ... instrumental in nearly 50 transactions, including sales of ExpoExchange, Atwood Publishing, SmithBucklin ... recently represented Hanley Wood in its acquisition of Surfaces, Remodeling Show and Intl. Pool & Spa Expo.. holds a bachelor's degree in architecture from the University of North Carolina-Charlotte and an MBA from Baruch College.

John Veronis, Chairman and co-CEO, Veronis Suhler Stevenson

• Company co-founder and managing partner ... sits on board of Hanley Wood ... four decades of experience in media industry ... before co-founding VSS in 1981, co-founded Psychology Today ... launched Book Digest magazine ... was president of publisher of Ladies Home Journal ... director of the Metropolitan Opera and trustee of Carnegie Hall ... past director of U.S. Chamber of Commerce and Magazine Publishers of America.

Roland DeSilva, Managing partner, DeSilva & Phillips

• Has negotiated hundreds of deals involving Primedia, Petersen Publishing, Hanley Wood and VNU ... former executive with Thomson, McGraw-Hill and Capital Cities/ABC ... founder of U.S. Business Press ... member of American Business Media, Magazine Publishers of America and the Assn. of Medical Publishers.

John Suhler, President and co-CEO, Veronis Suhler Stevenson

• Company co-founder ... actively involved in raising capital for VSS private-equity funds ... former president of CBS Publishing Group ... previously publisher of Ziff Davis Publishing's Psychology Today Group ... creator of the VSS Communication Industry Forecast and Report ... sits on boards of Access Intelligence, Canon Communications and Hanley Wood ... recipient of University of Kansas Journalism School Legacy Achievement Award.

Scott Troeller, Partner, Veronis Suhler Stevenson

• With VSS since 1996 ... involved in all aspects of firm's fund-related activities, including originating and developing investment opportunities, transaction structuring, arranging debt financing and portfolio company monitoring ... director of Ascend Media ... previously director of Atwood Publishing and ExpoExchange ... former investment banker with JP Morgan, where focused on M&A advisory work for media industry.

Royce Yudkoff, President, ABRY Partners

• Chairman of Penton Media ... co-founded ABRY in 1989 with Andrew Banks ... previously a partner at Bain & Co. ... created Information Partners, a joint venture that invests in emerging business information and media companies ... prior to that, formed, operated and sold a small market radio group in the Northeast ... Baker Scholar from Harvard Business School ... honors graduate of Dartmouth College.

Reed Phillips, Managing partner, DeSilva & Phillips

• Company co-founder ... has completed more than 140 transactions with Capital Cities/ABC, Dow Jones, IDG, Primedia, VNU, Ziff Davis and others ... frequently comments on media industry ... former associate publisher of The New Republic, vice president of The Washington Weekly ... principal of DeSilva & Phillips Corporate Finance.