By Greg Hazley
United Business Media, the U.K.-based company that owns PR Newswire, has acquired tradeshow producer and publisher Canon Communications for $287M.
Thirty-two-year-old, Los Angeles-based Canon runs 41 trade shows, mainly in the so-called advanced manufacturing sector, which includes the growing medical device market. It also publishes magazines, email newsletters and webcasts, among other services.
“The combination of Canon’s brands with both our worldwide infrastructure and our existing electronic engineering business offers us exciting growth opportunities, particularly in Canon’s core medical device design and manufacturing markets,” said UBM CEO David Levin.
UBM, which said it wants to further expand Canon’s offerings globally, purchased the company from Spectrum Equity Investors and Appraise Media, which bought Canon from Veronis Suhler Stevenson in 2005 for about $200M.
UBM, which was advised by Allen and Company, said the $287M price tag is a multiple of 7.8.times Canon’s earnings before interest, tax, depreciation and amortization.
Canon revenues to June 30 2010 were $106M.
Canon's events roster includes the MD&M series of tradeshows (medical design & manfucturing), PLASTEC (plastics) and PharmaPack for the pharmaceutical packaging sector.
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