New York, NY, February 1, 2007- MidOcean Partners and Wasserstein & Co., LP today announced the completion of the purchase of Penton Media, Inc. and the simultaneous acquisition by MidOcean of 50% of the combined businesses of Prism Business Media Holdings, Inc. and Penton Media, Inc. Wasserstein, along with its coinvestors, continues to own 50% of the combined company.

Headquartered in New York, NY, the new company is one of the nation’s largest business-to-business media and information companies, serving more than six million business professionals every month. Its market-leading brands are focused on 23 industries. The company’s growing portfolio includes 113 trade magazines, 145 Web sites, 96 industry trade shows and conferences and more than 500 information data products. The combined company will adopt the Penton Media brand and expects to complete the transition to this new unified branding by March 15.

Financing sources for the transaction include UBS, J. P. Morgan Securities Inc. and GE Commercial Finance. Morrison Cohen LLP and Jones Day provided legal advice to Prism on the transaction and its financing. DeSilva & Phillips and UBS provided financial advisory services to Wasserstein & Co and Morrison Cohen also provided legal advice to MidOcean on the transaction.


About MidOcean Partners

MidOcean Partners is a premier private equity firm focused on the middle market. Based in New York and London, MidOcean is committed to investing in high quality companies with stable market positions and multiple opportunities for growth in the United States and Europe. Targeted sectors include consumer and leisure, media and communications, business and financial services and industrials. MidOcean utilizes a broad foundation of expertise in its focus industries and its transatlantic platform to create value for its investors and partners.

About Wasserstein & Co

Wasserstein & Co., LP is a leading independent private equity and investment firm, focused primarily on leveraged buyout investments and related investment activities. The Firm manages capital on behalf of its institutional and individual investors, including public and corporate pension funds, foreign governmental entities, endowments and foundations, and high net worth individuals. The Firm historically has made investments in media, consumer products and other industry sectors. Representative investments include ALM Media, Harry & David, Mastercraft, Hanley Wood, Real Estate Media, Sportcraft, The Deal and New York Magazine