Penton Media Acquires Farm Progress Portfolio for $79.9 Million
November 13, 2012
New York-based Penton Media made a big buy recently, scooping up the Farm Progress portfolio from Fairfax Media Limited of Sydney, Australia, for $79.9 million.
This buy significantly expands Penton Media’s agriculture information business portfolio that includes live events, digital products, data, marketing services and publications.
The Farm Progress buy includes four farm trade events, including the nation’s largest outdoor farm show, a robust broadcast division and several media brands.
The shows include Farm Progress Show, Hay Expo, Husker Harvest Days and New York Farm Show.
“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.
He added, “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.”
The acquisition supports Penton’s strategy of expanding the company’s presence in high-growth sectors, as well as the Farm Progress buy more than doubled Penton’s agriculture portfolio.
The acquisition also connects Penton to nearly 75 percent of the 2.2 million farms and ranches in the US and an estimated 85 percent of the nation’s annual agricultural gross domestic product.
In addition, Farm Progress produces 18 state and regional farm publications, as well as online content and programming for the radio, TV and Web.
“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.
He added, ““Farm Progress is a high quality company – the team has delivered excellent organic revenue and EBITDA growth. Moreover, this business fits with Penton’s 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.”
Farm Progress will remain hedquarterd in St. Charles, Ill., and 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.
Partner Voices
MGM Resorts is committed to fostering an inclusive and diverse culture, not just among employees and guests but also within its supply chain. The company prioritizes procuring goods and services from businesses owned by minorities, women, veterans, people with disabilities, LGBTQ individuals and those facing economic disadvantages. This commitment is integral to MGM Resorts' global procurement strategy.
Through its voluntary supplier diversity program, MGM Resorts actively identifies and connects certified diverse-owned suppliers to opportunities within its supply chain. The company is on track to spend at least 15% of its biddable procurement with diverse-owned businesses by 2025, demonstrating that supplier diversity is not only a social responsibility but also a strategic business imperative.
Supplier diversity isn’t just the right thing to do – it’s good for business. A diverse supply chain allows access to a broader range of perspectives and experience, helping to drive innovation, entrepreneurship and resilience, while strengthening communities. At MGM Resorts, engaging diverse suppliers ensures best-in-class experiences for guests and clients. Supplier diversity ensures a more resilient supply chain while supporting economic development in the communities in which it operates.
The impact of MGM Resorts' supplier diversity initiatives is significant. In 2023, these efforts supported over 3,500 jobs across more than 30 states, contributed over $214 million in income for diverse-owned businesses and generated more than $62 million in tax revenue. The story extends beyond the numbers – it reflects the tangible benefits brought to small and diverse-owned businesses, fostering economic empowerment in their communities.
MGM Resorts also supports the development and business skills of diverse-owned businesses through investment, mentorship and education. Through the MGM Resorts Supplier Diversity Mentorship Program, the company identifies, mentors and develops diverse-owned businesses to fill its future pipeline, while providing businesses with tools and resources to empower and uplift. Since 2017, the program has successfully graduated 105 diverse-owned businesses and is on track to achieve its goal of 150 graduates by 2025.
MGM Resorts’ commitment to supplier diversity not only enhances its business operations but also plays a crucial role in uplifting communities and fostering economic development. This approach reinforces the idea that diversity is a powerful driver of innovation and resilience, benefiting both the company and the wider community.
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