Farm Progress Sold, Boosting Penton’s Image
By Amanda Brodhagen, Farms.com
Farm Progress was sold for $79.9 million to Penton, a private U.S. company which is owned by MidOcean Partners and U.S. Equity Partners II, an investment fund that’s sponsored by Wasserstein & Co., LP.
The acquisition purchase is from Australian company Fairfax Media. The deal was the result of Penton approaching Fairfax Media to purchase Farm Progress, seeing it as an attractive fit for the company’s overall vision and as a strategic asset.
"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," Penton CEO David Kieselstein said.
Farm Progress will remain at its headquarters in St. Charles, IL. The four Farm Progress events attracts more than 200,000 visitors annually from across the nation and internationally.
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