Tulsa Economy

[heironymouspasparagus]

Did everyone catch the Roseanne premier??   18 million viewers - very high ratings.  And guess where it got the highest ratings...  Right here in Tulsa, OK.  I caught about 5 minutes or so and some previews.

I like John Goodman ok, but overall, wasn't particularly funny then, not any funnier now...

[Hoss]

Since the Tulsa World has chosen (for whatever lame reason) not to share the news, here's the scoop (all from public records):

PennWell has agreed to be purchased by a Blackstone Capital private equity fund. Blackstone already owns Clarion Events, a global events company. It will be interesting to see how (or if) they combine the companies and what they do with the publishing side of the business.

I've been an employee of PennWell since the summer of 2012.  What attracted me to move there (my previous company was HireRight (aka USIS, aka TISI aka DAC Services) was that they were a LONG time family owned company who didn't feel beholden to stockholders.  HireRight was owned by, you guessed it, a private equity company.

Not knowing what Clarion Events owns, I think most of the people in Tulsa are safe for now.  PennWell has been diversifying for years, and have moved much of their publishing model to a digital format (websites).  PennWell still puts on some of the best events in the industries they market to (the Firefighter conference in Indianapolis is always a huge success).

I work on the digital and data side.  I have friends in the company that work in the print publishing side though, and honestly I'm a little concerned for them.  And, as always happens in these kinds of transactions, I"m sure middle management will take a hit too.

We'll see how this shakes out.  Blackstone/Clarion suits will be on site April 9th.

[SXSW]

I know a couple people at PennWell, they love working there.  How many people do they employ in Tulsa? 

Meanwhile O&G activity has really picked up locally.  All of the local companies seem to be hiring.   

[Hoss]

I know a couple people at PennWell, they love working there.  How many people do they employ in Tulsa? 

Meanwhile O&G activity has really picked up locally.  All of the local companies seem to be hiring.   

In Tulsa it's about 300.  They have more in California, some in the UK, some in Nashua NH, some in New Jersey.

[Hoss]

Forbes had this yesterday.  We just received the official press release internally.  When that goes public I'll post it.

https://www.forbes.com/sites/tonysilber/2018/04/02/blackstone-reportedly-near-a-deal-to-buy-b2b-media-company-pennwell/#50215a8856c7

[Oil Capital]

Clarion Events Expands North American Presence With Acquisition of PennWell

NEWS PROVIDED BY
PennWell Corporation
Apr 03, 2018, 18:16 ET

     
LONDON, April 3, 2018 /PRNewswire/ -- Clarion Events, one of the world's leading events organizers, announces the acquisition of PennWell Corporation, a privately-held events and business-to-business media and marketing services company based in Tulsa, Oklahoma, USA. Clarion is owned by funds managed by Blackstone, one of the world's leading investment firms.

The acquisition brings together two of the industry's most well-respected names to create one of the largest events companies in the world.  It also marks the latest in a series of global acquisitions by Clarion, which includes its 2015 purchase of Urban Expositions, now rebranded as Clarion UX.

"This deal delivers significant benefits for both companies," said Clarion's Executive Chairman Simon Kimble.  "PennWell's roster of market-leading events strongly enhances Clarion's portfolio.  Our global network and depth of resources will further strengthen PennWell's offerings, enhancing opportunities for growth and expansion across North America and globally."

"Clarion is committed to building a strong and competitive presence in North America. The acquisition of PennWell reflects not only the quality of their portfolio, but also our companies' shared legacy of creating innovative events that demonstrate our continued leadership in this industry," said Clarion UX CEO Greg Topalian.

PennWell Vice Chairman Frank T. Lauinger stated, "We have been a family-owned business since my great grandfather founded the company 108 years ago, originally to serve the oil and gas industry.  Finding the right partner going forward was paramount for our family and for our employees and we are confident Clarion shares our values and will continue the legacy of PennWell across all markets PennWell now serves."

Clarion's portfolio of leading exhibition, conference and media brands, earned the company the "Most Respected Company for 2017" accolade from the UK's Association of Event Organisers.  Clarion announced in February it had acquired Hong Kong-based Global Sources, a leading events organiser and on-line B2B marketplace operator.

PennWell President and CEO Mark Wilmoth said, "Clarion has market-leading brands that are complementary to PennWell's, and an enviable presence across Europe, Asia, Africa and the Middle East.  Merging with Clarion will enhance our offerings to the worldwide customers of PennWell's diversified portfolio of events, including the POWER-GEN series, DistribuTECH for electricity distribution, and FDIC for the fire market, as well as media brands such as the Oil & Gas Journal."

With 550 employees, PennWell organizes and manages more than 40 exhibitions and conferences around the world. The company also has 130 media properties and provides quality content and integrated marketing solutions for industries that include energy, fire and emergency services, dental and industrial technology.

PennWell was represented in this transaction by JEGI (www.jegi.com), the leading independent investment bank for the global media, information, marketing, software and tech-enabled services sectors.

About Clarion Events
Clarion Events operates over 180 events in 50 countries from 15 offices in the UK, the US, South Africa, Brazil, Germany, Singapore, UAE, Indonesia, Hong Kong and the Netherlands.  Clarion can trace its roots back to 1947 and takes great pride in being one of the oldest independent event organizers in the UK.  More recently the firm has developed an international portfolio of brands and now has interests in a number of global vertical industries including energy, security and defense, electronics, technology, fashion, retail, gaming and marketing. The teams at Clarion create uniquely effective and stimulating environments that can serve as a platform to build businesses, enhance customer relationships and accelerate product awareness. Learn more at www.clarionevents.com.

About PennWell Corporation
Founded in 1910 in Tulsa, Oklahoma, USA, PennWell Corporation is a privately held and highly diversified business-to-business media and conference and exhibition company that provides quality content and integrated marketing solutions for the following industries: Oil and gas, electric power generation and delivery, hydropower, renewable energy, water and wastewater, lasers and optoelectronics, fiber-optics and cable, aerospace and avionics, LEDs and lighting, fire and emergency services, and dental.  PennWell publishes over 130 print and online magazines and newsletters, conducts 40 conferences and exhibitions on six continents, and has an extensive offering of books, maps, websites, research and database services.  In addition to PennWell's headquarters in Tulsa and several other US locations, the Company has two major offices in London, England.

About Blackstone
Blackstone is one of the world's leading investment firms. We seek to create positive economic impact and long-term value for our investors, the companies in which we invest, and the communities in which we work. We do this by using extraordinary people and flexible capital to help companies solve problems. Our asset management businesses, with over $430 billion in assets under management, include investment vehicles focused on private equity, real estate, public debt and equity, non-investment grade credit, real assets and secondary funds, all on a global basis. Further information is available at www.blackstone.com. Follow Blackstone on Twitter @Blackstone.

SOURCE PennWell Corporation

Related Links

www.pennwell.com

[Hoss]

Yep, that's the one I got in my email around lunchtime yesterday.

the Whirled writeup is essentially the presser with a little added (mentions Bob Biolchini's death a few months ago).

http://www.tulsaworld.com/business/pennwell-sold-to-london-based-clarion-events/article_66c64eda-3c25-5ebb-b397-11f5303fd3f8.html

[onehandoneheart]

http://www.tulsaworld.com/business/more-than-laid-off-at-pennwell/article_e8159a6b-e718-59c6-9b2c-e2d1e7696a77.html

More than 100 laid off at Pennwell Thursday

Tulsa-based Pennwell Co. announced a major round of layoffs on Thursday, months after it was purchased by an overseas company.

The company's staffing levels will change from approximately 470 people globally to approximately 340.

In Tulsa, 100 positions will be eliminated, with other offices and remote workers making up the balance of the affected positions.

In April the company was purchased by Clarion Events.

At the time Pennwell, a privately held events and business-to-business media and marketing services company, employed 550 and organizes and manages more than 40 exhibitions and conferences around the world.

The company also had 130 media properties and provides content and integrated marketing solutions for energy, fire and emergency services and dental industries, as well as industrial technology.

Clarion Events operates over 180 events in 50 countries from 15 offices in the United Kingdom, the U.S., South Africa, Brazil, Germany, Singapore, United Arab Emirates, Indonesia, Hong Kong and the Netherlands.

The London-based company is owned by funds managed by Blackstone, one of the world's largest investment firms.

[heironymouspasparagus]

http://www.tulsaworld.com/business/more-than-laid-off-at-pennwell/article_e8159a6b-e718-59c6-9b2c-e2d1e7696a77.html

More than 100 laid off at Pennwell Thursday

Tulsa-based Pennwell Co. announced a major round of layoffs on Thursday, months after it was purchased by an overseas company.

The company's staffing levels will change from approximately 470 people globally to approximately 340.

In Tulsa, 100 positions will be eliminated, with other offices and remote workers making up the balance of the affected positions.

In April the company was purchased by Clarion Events.

At the time Pennwell, a privately held events and business-to-business media and marketing services company, employed 550 and organizes and manages more than 40 exhibitions and conferences around the world.

The company also had 130 media properties and provides content and integrated marketing solutions for energy, fire and emergency services and dental industries, as well as industrial technology.

Clarion Events operates over 180 events in 50 countries from 15 offices in the United Kingdom, the U.S., South Africa, Brazil, Germany, Singapore, United Arab Emirates, Indonesia, Hong Kong and the Netherlands.

The London-based company is owned by funds managed by Blackstone, one of the world's largest investment firms.

Huh....wonder what took them so long..??    


Hoss, did they get you?

[Hoss]

Huh....wonder what took them so long..??    


Hoss, did they get you?

No.  Most of the layoffs were related to the print media, which was losing revenue anyway.  I'm surprised it took them so long as well.  We'd been hearing rumors for some time.  Clarion is trying to wrap their heads around what we do outside of the events vertical was likely the delay.

Not to say I wasn't a little nervous though.

[Oil Capital]

http://www.tulsaworld.com/business/more-than-laid-off-at-pennwell/article_e8159a6b-e718-59c6-9b2c-e2d1e7696a77.html

More than 100 laid off at Pennwell Thursday

Tulsa-based Pennwell Co. announced a major round of layoffs on Thursday, months after it was purchased by an overseas company.

The company's staffing levels will change from approximately 470 people globally to approximately 340.

In Tulsa, 100 positions will be eliminated, with other offices and remote workers making up the balance of the affected positions.

In April the company was purchased by Clarion Events.

At the time Pennwell, a privately held events and business-to-business media and marketing services company, employed 550 and organizes and manages more than 40 exhibitions and conferences around the world.

The company also had 130 media properties and provides content and integrated marketing solutions for energy, fire and emergency services and dental industries, as well as industrial technology.

Clarion Events operates over 180 events in 50 countries from 15 offices in the United Kingdom, the U.S., South Africa, Brazil, Germany, Singapore, United Arab Emirates, Indonesia, Hong Kong and the Netherlands.

The London-based company is owned by funds managed by Blackstone, one of the world's largest investment firms.

So... according to the article Pennwell had 550 employees at the time they were purchased and they were down to 470 before this round of layoffs, with total expected job reduction of 210?

[Hoss]

So... according to the article Pennwell had 550 employees at the time they were purchased and they were down to 470 before this round of layoffs, with total expected job reduction of 210?

Just out of an 'all hands' meeting regarding this.  There were 470 employees within the Pennwell footprint (includes Tulsa with 370, Nashua, NJ, California, 2 UK offices).   130 staff reductions occurred, 100 of those being in the Tulsa office.

[SXSW]

Just out of an 'all hands' meeting regarding this.  There were 470 employees within the Pennwell footprint (includes Tulsa with 370, Nashua, NJ, California, 2 UK offices).   130 staff reductions occurred, 100 of those being in the Tulsa office.

Isn't Tulsa where most of the print media employees were located?

[Hoss]

Isn't Tulsa where most of the print media employees were located?

Yes.

[Conan71]

Isn't Tulsa where most of the print media employees were located?

I'm super glad TNF is on the interwebz or we'd all likely be out of business if it were in print.