Penton Media has acquired Farm Progress from Fairfax Media Limited of Sydney, Australia. The acquisition more than doubles Penton’s position in agriculture, which becomes the company’s largest sector group. The purchase price was $79.9 million before certain adjustments.
Farm Progress features four of the industry’s leading farm trade events, including America’s largest outdoor farm show, a broadcast division, and many well-established media brands. They join Penton Agriculture’s portfolio of market-leading franchises.
“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.
Farm Progress will 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. Farm Progress will remain headquartered in St. Charles, IL.
USA, New York, NY, & USA, St Charles, IL & Australia, Sydney