U.K.-based Clarion Events Acquires PennWell
April 4, 2018
Clarion Events has acquired PennWell, a 108-year-old privately-held events and business-to-business media and marketing services company based in Tulsa, Okla.
Clarion is owned by funds managed by Blackstone, a private equity firm with more than $400 billion in assets under management.
"This deal delivers significant benefits for both companies," said Clarion's Executive Chairman Simon Kimble.
He added, "PennWell's roster of market-leading events strongly enhances Clarion's portfolio. Our global network and depth of resources will further strengthen PennWell's offerings, enhancing opportunities for growth and expansion across North America and globally."
The acquisition is the latest in a series of global acquisitions by Clarion, which includes its 2015 purchase of Urban Expositions, now rebranded as Clarion UX and Hong Kong-based Global Sources.
"Clarion is committed to building a strong and competitive presence in North America,” said Clarion UX CEO Greg Topalian.
He added, “The acquisition of PennWell reflects not only the quality of their portfolio, but also our companies' shared legacy of creating innovative events that demonstrate our continued leadership in this industry.”
With 550 employees, PennWell organizes and manages more than 40 exhibitions and conferences around the world.
The company also has 130 media properties and provides quality content and integrated marketing solutions for industries that include energy, fire and emergency services, dental and industrial technology.
PennWell Vice Chairman Frank T. Lauinger said, "We have been a family-owned business since my great grandfather founded the company 108 years ago, originally to serve the oil and gas industry. Finding the right partner going forward was paramount for our family and for our employees and we are confident Clarion shares our values and will continue the legacy of PennWell across all markets PennWell now serves."
Clarion's portfolio of leading exhibition, conference and media brands, earned the company the "Most Respected Company for 2017" accolade from the UK's Association of Event Organisers.
“Clarion has market-leading brands that are complementary to PennWell's, and an enviable presence across Europe, Asia, Africa and the Middle East,” said PennWell President and CEO Mark Wilmoth.
He added, “Merging with Clarion will enhance our offerings to the worldwide customers of PennWell's diversified portfolio of events, including the POWER-GEN series, DistribuTECH for electricity distribution, and FDIC for the fire market, as well as media brands such as the Oil & Gas Journal."
Six of PennWell’s shows recently landed on the 2017 TSNN Top Trade Shows list: Fire Department Instructors Conference (FDIC) (No. 34), POWER-GEN International (No. 46), DistribuTECH (No. 101), Subsea Tieback (No. 178), HydroVISION International (No. 218) and Strategies in Light (No. 233).
PennWell was represented in this transaction by JEGI (www.jegi.com), an independent investment bank for the global media, information, marketing, software and tech-enabled services sectors.
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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