Tulsa, Oklahoma, 19 December 2008 — PennWell Corporation, a diversified global media and information company, announced today that it has acquired the assets of HCI Publications, Inc., a Kansas City, Missouri-based producer of business-to-business magazines and conferences and exhibitions serving the hydroelectric industry. The company operates HydroVision and Waterpower Conferences and Exhibitions and publishes Hydro Review, HRW, and HydroNews.net, as well as other research and information products. The owners of HCI Publications, Leslie Eden and Carl Vansant, will serve as consultants to PennWell. Financial terms of the sale were not disclosed. HCI was represented in the sale by the merger and acquisition advisory firm Whitestone Communications, Inc., based in New York.
"Despite the weak economic environment, we concluded this transaction in very good time," notes Whitestone Communications Managing Director Ed Fitzelle who managed the transaction. "We also achieved good interest from the market with multiple bidders and a good valuation for our client. This is a testament to how we successfully apply our years of deal experience and professionalism to helping our clients get deals done, even in trying times."
HydroVision Conference and Exhibition is hydropower's largest gathering of industry professionals worldwide. Established in 1994, HydroVision was last held in July 2008 in Sacramento, California for owners, operators, managers, engineers, consultants, designers, and manufacturers who work in the hydropower industry worldwide, with 271 exhibitors and an attendance of over 2,500 from 67 countries. HydroVision is held interchangeably every other year with its sister event, Waterpower Conference and Exhibition, which will take place July 25-31, 2009 in Spokane, Washington. HydroVision 2010 will be held July 23-31, 2010 in Charlotte, North Carolina.
Hydro Review, launched in 1980 by an entrepreneur in hydropower and purchased by Eden and Vansant in 1986, is widely recognized as the leading source of information about hydro and dam-related products and services. Published eight times annually for a readership of 18,000, Hydro Review focuses on industry trends, equipment, operations and maintenance, rehabilitation, dam safety, environmental effects, regulation and research. While Hydro Review primarily serves the North American hydropower industry, HRW magazine is published six times each year and distributed to readers in 130 countries. HydroNews.net is a daily information service providing international news and monitoring of hydropower projects.
Noting that this is PennWell's third acquisition in the renewable industry in two years, PennWell President and Chief Executive Officer Robert F. Biolchini said, "HCI has for nearly three decades served the needs of the hydroelectric industry which provides 20% of the world's electricity. PennWell is pleased to add these outstanding publications and events to our expanding renewable energy portfolio since hydropower is an essential vertical extension for our renewable energy franchise. Leslie Eden and Carl Vansant have built their company based on editorial excellence, extensive market coverage, and a strong industry reputation — a rare and perfect fit with PennWell."
HCI President Leslie Eden expressed her confidence in PennWell as the best home for the future growth of the publications and events. "We are honored that PennWell as the world's leading and most respected provider of information to multiple energy markets will advance the international reach and development of our products and services for hydropower."
PennWell will manage the business from its headquarters in Tulsa under Richard Baker, Vice President and Publisher, North American Global Energy Group. Along with Eden and Vansant as consultants, seven editorial and sales employees in Kansas City have joined PennWell.
In addition to the HCI publications and events, PennWell's offerings for renewable energy include RenewableEnergyWorld.com, the leading web site for renewable energy, three magazines Renewable Energy World, Cogeneration and On-Site Power Production, and Waste Management World, and two conferences and exhibitions Renewable Energy World North America and Renewable Energy World Europe. Last month PennWell announced the launch of Photovoltaics World magazine to address the rapidly growing global photovoltaic solar cell manufacturing industry, with the first issues to be published in March 2009. PennWell also announced two new Photovoltaics World Exhibitions, to be held in the U.S. and Europe in 2010.
About PennWell
PennWell Corporation is a diversified business-to-business media and information company that provides quality content and integrated marketing solutions for the following industries: Oil and gas, electric power, water and wastewater, renewable, electronics, semiconductor, contamination control, optoelectronics, fiberoptics, enterprise storage, converting, nanotechnology, fire, emergency services and dental. Founded in 1910, PennWell publishes over 100 print and online magazines and newsletters, conducts 60 conferences and exhibitions on six continents, and has an extensive offering of books, maps, web sites, research and database services. In addition to PennWell's headquarters in Tulsa, Oklahoma the Company has major offices in Nashua, New Hampshire; Houston, Texas; London, England; Mountain View, California; Fairlawn, New Jersey, Moscow, Russia, and Hong Kong, China.
About Whitestone Communications, Inc.
Whitestone Communications, Inc., is a leading merger and acquisitions advisory firm serving the publishing, Internet, information and training industries. Founded in 1994, the firm has completed transactions with such major companies as Thomson Corporation, Dun & Bradstreet, McGraw-Hill, Wolters Kluwer, Reed Elsevier and ChoicePoint. For more information, please visit the company's website www.whitestonecommunications.com
Contact:
Ed Fitzelle, 914 500 5066
efitzelle@whitestonecommunications.com
