Last Spring, EdisonReport reported that Pennwell, the owner of Strategies in Light and several other properties, had been sold to Clarion Events. Clarion is owned by funds managed by Blackstone, one of the world’s leading investment firms and Blackstone is also the money behind IMC, which acquired AMC, the previous owner of LIGHTFAIR. EdisonReport broke this story in June of 2018.
Today we learn that several U.S. assets of Pennwell have been sold to Endeavor Business Media, which is backed by Resolute Capital Partners. Nashville-based Resolute Capital Partners, a provider of capital to lower middle market business and healthcare service companies, is the private equity sponsor of Endeavor Business Media.
PennWell President and CEO Mark Wilmoth said, “Since Clarion acquired us last March, we have been working diligently on the transition, which included a deliberate plan to find a good home for PennWell businesses in markets that were not central to Clarion’s future goals.”
Your humble editor spoke with Chris Ferrell, CEO of Endeavor who explained a little about their business model and how they connect businesses. He said, “We are very excited to have these PennWell properties as they are established brands with great content and great audiences.”