Cygnus Sells Ag Group to American Farm Bureau
Four events, two publications included in deal. Staff to remain intact.
The American Farm Bureau Federation, the largest trade association in the U.S. agriculture industry, will acquire Cygnus Business Media's agriculture group, FOLIO: has learned.
An official announcement is expected on Monday.
Cygnus announced in February that the group was for sale.
The group includes four agriculture events in a group called IDEAg: Dakotafest, the Amarillo Farm & Ranch Show, the Northern Illinois Farm Show, Farmfest and the Interconnectivity Conference.
Two publications associated with the group, Feed & Grain and Farm Forum, are said to be included in the deal.
Sources say all 12 staff members in the group will remain in place and the events group will continue to be led by Senior Director Ray Bianchi.
Terms have not been released. Corporate Solutions, an acquisitions advisory firm, arranged the sale.
Cygnus Business Media CEO John French told FOLIO: earlier in the year that the decision to put the agriculture group on the market was easy because it is not core to the companyâ€™s affinity group structure.
â€śWe donâ€™t have anything else around it,â€ť French said in February.
At the same time, he said, â€śWeâ€™re going for a good market price and, if we donâ€™t get it, then weâ€™re not selling and itâ€™s business as usual.â€ť