Penton acquires Farm Progress, becomes largest North American ag info business
Nov. 13, 2012 -- Penton Media has acquired Farm Progress from Fairfax Media Limited for $79.9 million (before adjustments), which makes Penton the largest agriculture information business in North America. Penton estimates that the acquisition will connect the company to nearly three-quarters of the 2.2 million farms and ranches in the United States and 85 percent of the nation's annual agricultural gross domestic product.
"We've always had tremendous respect and admiration for Farm Progress and its products," said Penton CEO David Kieselstein in a statement. "We also have a clear, strategic commitment to grow our agricultural information business, and Farm Progress perfectly supports that goal."
The acquisition has nearly doubled Penton's agriculture business, making it the company's largest sector group. The Farm Progress portfolio of brands, products and events will join the Penton Agriculture Group. Farm Progress staff will remain in St. Charles, Ill., and report to Penton SVP Dan Bagan. Jeff Lapin, president of Farm Progress, will leave the company at the end of the year.