Onex to Acquire Nielsen Expositions for $950 million
One of the Largest Operators of U.S. Business-to-Business Tradeshows
Toronto, May 6, 2013 – Onex Corporation (“Onex”) (TSX: OCX) today announced that it has agreed to acquire Nielsen Expositions from its parent, an affiliate of Nielsen Holdings N.V. (NYSE: NLSN) (“Nielsen”), for $950 million in cash consideration. Nielsen Expositions is a leading operator of large, business-to-business tradeshows in the United States. The transaction is anticipated to close in the second quarter, subject to customary closing conditions.
Based in San Juan Capistrano, California, Nielsen Expositions produces more than 65 business-to-business tradeshows and conference events each year across nine diversified end-markets, including general merchandise, sports, hospitality and retail design, jewelry, and photography. Nielsen Expositions has approximately 240 employees and operates out of four U.S. offices. For the year ended December 31, 2012, Nielsen Expositions generated revenues of approximately $183 million, adjusted EBITDA of $97 million and incurred capital expenditures of $2 million on a stand-alone basis.
“This is an exciting development in the history of the Nielsen Expositions business,” said David Loechner, President of Nielsen Expositions. “Onex’ experience and successful track record in executing similar corporate carve-outs and building those divisions into industry-leading businesses position it as a strong partner. We look forward to working with Onex to execute our strategic plan and to continue to grow the business to better serve the exhibitors and attendees who participate in our events, all the while providing a seamless, business-as-usual transition for our clients and associates.”
“Nielsen Expositions’ strength in the U.S. business-to-business tradeshow industry is evidenced by its high renewal rates, long-standing exhibitor relationships, and the brand strength of the underlying shows,” said Kosty Gilis, an Onex Managing Director. “This is a great opportunity to partner with David and his management team to build on the company’s market leadership position through continued expansion of its existing shows as well as select acquisitions.”
“Nielsen is committed to investing in and developing capabilities across our Watch and Buy segments,” said Brian West, Chief Financial Officer of Nielsen. “Divesting the Expositions business allows us to focus on these core areas that provide our clients with a comprehensive understanding of consumers while providing more flexibility to return capital to our shareholders over time. Our Expositions leadership team has built a world-class business with successful and respected brands. We believe under Onex’ ownership, a great business will achieve even greater success.”
About Onex
Onex’ businesses have assets of $44 billion, generate annual revenues of $37 billion and employ approximately 243,000 people worldwide. Onex shares trade on the Toronto Stock Exchange under the stock symbol OCX. For more information on Onex, visit its website at www.onex.com. The Company’s security filings can also be accessed at www.sedar.com.
About Nielsen Expositions
Nielsen Expositions is a leading operator of large business-to-business tradeshows in the United States, producing over 65 tradeshows and conference events per year connecting over 335,000 buyers and sellers across nine diversified end-markets, including general merchandise, sports, hospitality and retail design, jewelry, photography, decorated apparel, building, healthcare and military. Nielsen Expositions is headquartered in San Juan Capistrano, California. The company’s shows are typically the most prominent and important for exhibitors and attendees within their various industries. To learn more about Nielsen Expositions, please visit www.nielsen.com/us/en/about-us/nielsen-expositions.html.
About Nielsen
Nielsen Holdings N.V. (NYSE: NLSN) is a global information and measurement company with leading market positions in marketing and consumer information, television and other media measurement, online intelligence, mobile measurement, trade shows, and related properties. Nielsen has a presence in approximately 100 countries, with headquarters in New York, USA, and Diemen, the Netherlands. For more information, visit www.nielsen.com.