MidOcean Partners Announces Penton Acquires TU-Automotive, an Event and Digital Information Company Focused on the Connected Vehicle Market
January 4, 2016
Establishes Penton’s presence in fast growing automotive tech market
New York – MidOcean Partners (“MidOcean”), a premier middle market private equity firm, is pleased to announce that Penton has acquired TU-Automotive, an event and digital information company serving the connected vehicle segment of the automotive tech market, from FC Business Intelligence. This acquisition positions Penton at the center of the industry’s most innovative and fast-growing segments: connected vehicles, mobility and autonomous driving.
The single biggest opportunity facing the automotive industry is the shift of vehicles to connected mobility for communication, diagnostics and dataflow, autonomy and other intelligent systems. This shift is already gaining significant ground in the trucking industry with connected devices changing fuel efficiency, optimizing speed and brake usage. Gartner predicts that by 2020, more than 250 million vehicles will be connected globally, with the number of installed connectivity units in vehicles worldwide increasing by 67 percent and consumer spend on in-vehicle connectivity fully doubling.
TU-Automotive delivers premiere events, networking, content and analysis on the current topics of connected vehicles, mobility, autonomous driving and the downstream implications to related industries. The Company’s key assets include: 13 “must-attend” events including the world’s largest connected car and mobility event, TU Automotive Detroit, plus flagship events TU-Automotive Europe, TU-Automotive Japan and The Consumer Telematics Show, which takes place tomorrow, January 5, in advance of the CES opening in Las Vegas. In addition, TU-Automotive provides market-leading digital content, analysis, education and business intelligence through TU-Automotive’s communications hub, analysis.tu-auto.com. TU-Automotive plays a critical convening role for key players in this complex and fast moving segment, including Ford, General Motors, FCA, BMW, Mercedes-Benz, Facebook, IBM and Microsoft.
TU-Automotive will become a part of the Penton Ground Transportation group, led by Vice President, Sue Boehlke. The TU-Automotive assets are highly complementary with Penton’s existing transportation portfolio, which includes WardsAuto, FleetSeek, FleetOwner, Trailer Body Builders and American Trucker. Boehlke commented, “TU-Automotive offers the most respected, high profile platforms to expand Penton Ground Transportation’s reach beyond the United States into Europe, South America and Asia, with a core hub of operations in London. We look forward to TU-Automotive becoming part of the Penton family.”
The acquisition also strengthens Penton’s planned launches around the Internet of Things (IoT) in 2016 across Penton. “IoT and connected devices are a major theme across Penton, impacting many of our industry sectors including ground transportation, aviation, agriculture, technology and electronics. Companies and factories that are connected are more productive and the implications for innovation through IoT are tremendous,” said David Kieselstein, Penton’s CEO. “In 2016 we are launching a major IoT initiative to help companies break down the complexity. From sensors and platforms to data and security issues, we’ll cover best practices to help businesses grappling with policy, strategy and implementation in the application of this new wave of technology.”
Penton is an innovative information services company that empowers nearly 20 million business decision makers in markets that comprise more than 12 trillion dollars in purchases each year. Penton’s 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 private equity firm headquartered in New York focused on the middle market. MidOcean is committed to investing in high quality companies with stable market positions and multiple opportunities for growth. Targeted sectors include consumer and media/business services. MidOcean utilizes a broad foundation of expertise in its focus industries to create value for its investors and partners. For more information, visit www.MidOceanPartners.com.