Questex Acquired by Shamrock Capital Advisors
Deal ends ownership of senior lenders.
Questex is announcing today that it’s being acquired by private equity firm Shamrock Capital Advisors, Folio: has learned.
Deal terms were not disclosed, but one source pegs the company’s revenues at just over $100 million.
Questex, which serves the hospitality and travel, beauty and life sciences markets, emerged from bankruptcy protection in late 2009 after completing a financial restructuring which resulted in the company’s sale to a group of undisclosed senior lenders.
Since then, Questex has been building out its event and digital platforms and, says president and CEO Kerry Gumas, the board this year deemed the company ready to look for a new financial backer.
Gumas says the sales process started several months ago and Shamrock, which focuses its investments in the media and communications markets, expressed interest early on.
The deal will leave Questex intact—the executive team will continue, as will the staff. "There is nothing in the transaction that will affect either the staff, management or the portfolio," says Gumas.
Going forward, Gumas says the company now has the wherewithal to more broadly invest in some focused technology rollouts that it’s been testing in specific markets. "We’re going to build out the tech-enabled solutions—lead-gen, digital media tools and e-commerce tools—on an enterprise-wide basis and take them across the portfolio," he says. "Over the last few years, we’ve run some very effective pilots in specific markets to prove out the technology solutions we want to bring to market."
Gumas adds that now that Shamrock is on the scene, Questex will be making more acquisitions as well.
The compay is based in Newton, Massachusetts and employs about 350 people.