Penton Completes Acquisition of Nation's Restaurant News
December 13, 2010
New York, NY, December 13, 2010 - Sharon Rowlands, CEO of Penton, announced today that the company has acquired Nations Restaurant News (NRN) from Lebhar-Friedman. Terms of the deal were not disclosed.
“NRN is a property Penton has coveted owning for some time,” said Rowlands. “It is one of the most successful business-to-business media brands and enables us to launch a new and sizable Penton Restaurant Group which will also include Restaurant Hospitality and Food Management. Our Restaurant Group will have every single segment of food service covered from full service to QSR, independents to chains, and commercial to noncommercial. We will be able to connect readers and marketers through print, online, events end research.”
NRN’s readers are made up of the decision-makers in the foodservice Industry, from operation managers to owners and senior management. In 2010, BtoB Magazine again named NRN to its elite BtoB Power 50.
Randall Friedman will join Penton and become the market leader of the Penton Restaurant Group. “I am very pleased to join Penton and work with the team to grow what is now the broadest and deepest media platform reaching restaurant operators in the U.S.,” said Friedman. “Being part of a larger company with the internal resources to handle our growth is critical to our future.”
He will report to Dan Bagan, senior vice president. “Having starred my career at Lebhar-Friedman, l know NRN well and have long admired its strong connection in the food service community,” said Bagan. “The power of these three titles together will be extraordinary. Not only can advertisers reach the entire market through our group, but the ability of the three to provide unique and deep solutions for operators and markets will be the game changer.”
NRN is widely recognized as the number one publication in its space. The magazines circulation is over 60,000 with a full franchise of print, online and special events.
Penton Restaurant Group Formed
The new Penton Restaurant Group will be a powerhouse in the industry and include three offerings:
Nations Restaurant News: the readership is largely commercial decision-makers and headquarter-management. The brand includes the paid circulation magazine, the website, www.nrn.com, and a series of conferences.
Restaurant Hospitality: the readership of this Penton property is focused on full service high volume independent restaurants. It includes a magazine and website, http://restaurant-hospitality.com.
Food Management: the readership is management of the onsite foodservice industry and includes a magazine and website, http://food-management.com.
Pentons Restaurant Group will have offices in Pentons New York City headquarters, where NRN will be located, along with its Cleveland office, where both Restaurant Hospitality and Food Management are currently located.
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About Penton Media
Penton is an innovative information services company that empowers nearly 20 million business decision makers in markets that drive more than 12 trillion dollars in purchases each year. Our products inform with rich industry insights and workflow tools; engage through dynamic events, education and networking; and advance business with powerful marketing services programs. Penton is the way smart businesses buy, sell and grow. Headquartered in New York, Penton is privately owned by MidOcean Partners and Wasserstein & Co., LP. For more information, visit http://www.penton.com.
About MidOcean Partners
MidOcean Partners is a premier New York-based alternative asset manager specializing in middle-market private equity and alternative credit investments. Since its inception in 2003, MidOcean Private Equity has targeted investments in high-quality middle-market companies in the consumer and business services sectors. MidOcean Credit Partners was launched in 2009 and currently manages a series of alternative credit strategies, collateralized loan obligations (CLOs), and customized separately managed accounts.
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