UBM Acquires Business Journals Inc. for $69 Million

April 22, 2016

UBM added more than a few dozen shows to its fashion portfolio in the United States with the acquisition of Business Journals Inc. for $69 million in cash.

“We are delighted to have acquired BJI. This transaction is very much in line with our ‘Events First’, strategy,” said Tim Cobbold, CEO of UBM.

He added, “It adds to our presence in North America and also in the fashion sector, both of which were already strong following UBM’s acquisition of Advanstar at the end of 2014. We see excellent opportunities to deliver an improved experience for customers and to realize the operational benefits which scale will bring.”

BJI serves the men’s and women’s apparel and accessories markets with several brands that include AccessoriesTheShow, EDIT, FAME, Moda, MRket and Stitch. 

“UBM Americas is the perfect home for BJI’s hallmark brands. The complementary nature of our portfolios and teams will undoubtedly create opportunities for growth and a better overall experience for our brands and retailers,” said Britton Jones, president and CEO of BJI.

He added, “I am excited by this union and confident that together we will  craft the future of events for the fashion industry. This is a great day for our customers, our industry and for BJI.”

In total, the BJI Fashion Group runs 21 shows annually at the Jacob K. Javits Convention Center in New York and six shows per year at the Sands Expo Convention Center in Las Vegas. 

BJI also publishes three trade magazines including MR (Menswear Retailing), the world’s largest menswear business-to-business magazine and Accessories, which has been the leading publication of the women’s fashion accessories market for over 100 years.

In addition, BJI has a 54 magazine custom publishing division, seven web sites, and maintains one of the industry’s largest databases of fashion retailers.

In 2015, BJI’s revenues were approximately $33 million-$40 million from events and $7 million from other marketing services.

BJI fits neatly into to UBM’s existing fashion tradeshow portfolio, which includes the massive biannual MAGIC Market Week collection of shows in Las Vegas.

The combination of BJI and UBM will provide an improved experience for both attendees and exhibitors and generate material synergies in areas such as event operations, property and cross-marketing opportunities, according to UBM officials.

UBM Americas has 12 of the 2015 TSNN Top 250 trade shows on the list, including MAGIC Market Week and Medical Design & Manufacturing West.

BJI is expected to make a modest post tax contribution this year.  In 2017, with a full year of contribution and strong operational and financial synergies, the acquisition will achieve a return on investment in excess of UBM’s weighted average cost of capital.

JEGI, a New York City-based investment bank for the global media, information, marketing, software and tech-enabled services sectors, represented BJI in this transaction.

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Partner Voices
Less than six months ago, Lisa Messina joined the Las Vegas Convention and Visitors Authority (LVCVA) as the first-ever chief sales officer after leading the sales team at Caesars Entertainment. A 12-year Las Vegas resident, Messina is a graduate of Cornell University’s School of Hotel Administration and serves on MPI International’s board of directors. TSNN had a chance to catch up with this dynamic leader and talk to her about her vision for the new role, current shifts in the trade show industry, creating more diversity and equity within the organization, and advice to future female leaders. Lisa Messina, Chief Sales Officer, LVCVA With Las Vegas becoming The Greatest Arena on EarthTM, what are some of the things you’re most excited about in your role? Our team was at The Big Game’s handoff ceremony earlier this month, and I couldn’t help but think, “We’re going to crush it next year!”  These high-profile events and venues not only drive excitement, but also provide unmatched opportunities for event planners. Allegiant Stadium hosts events from 10 to 65,000 people and offers on-field experiences. Formula 1 Grand Prix will take place in Las Vegas in November, after the year-one F1 race, the four-story paddock building will be available for buyouts and will also offer daily ride-along experiences that will be available for groups. And, of course, the MSG Sphere officially announced that it will open in September, ahead of schedule, with a U2 residency. It’s going to be the most technologically advanced venue as far as lighting, sound, feel, and even scent, and it will be available for buyouts and next-level sponsorships inside and outside. There’s no ceiling to what you can do when you’re doing events in Las Vegas.  Allegiant Stadium As the trade show and convention business returns to the pre-pandemic levels, what shifts are you noticing and how do you think they will impact the industry going forward? Our trade show organizers are very focused on driving customer experience. Most of our organizers are reporting stronger exhibitor numbers and increased numbers of new exhibitors, with trade shows proving to be almost or above 2019 levels. Now our organizers are really doubling down on driving attendance and focusing on the data to provide that individualized, customized experience to help attendees meet their goals and get the best value. Some companies continue to be cautiously optimistic with their organizational spend when it comes to sending attendees, but I think it will continue to improve. As the U.S. Travel Association makes more progress on the U.S. visa situation, we also expect a growing influx of international attendees. What are some innovative ways the LVCVA helps trade show and convention organizers deliver the most value for their events? We focus on customer experience in the same way that trade show organizers are thinking about it. We got rave reviews with the West Hall Expansion of the Las Vegas Convention Center (LVCC), so over the next two years, we will be renovating the North and the Central halls, which will include not just the same look and feel, but also the digital experiences that can be leveraged for branding and sponsorship opportunities.  Vegas Loop, the underground transportation system designed by The Boring Company, is also a way we have enhanced the customer experience. Vegas Loop at the LVCC has transported more than 900,000 convention attendees across the campus since its 2021 launch. Last summer, Resorts World and The Boring Company opened the first resort stop at the Resorts World Las Vegas , with plans to expand throughout the resort corridor, including downtown Las Vegas, Allegiant Stadium and Harry Reid International Airport. The LVCVA also purchased the Las Vegas Monorail in 2020, the 3.9-mile-long elevated transportation system that connects eight resorts directly to the convention center campus. This is the only rail system in the world that integrates fares directly into show badges and registration. For trade show organizers, these transportation options mean saving time, money and effort when it comes to moving groups from the hotels to LVCC and around the city. Also, the more we can focus on building the infrastructure around the convention center, the more it supports the customer experience and ultimately supports our trade show organizers. Scheduled to debut in Q4, Fontainebleau Las Vegas will offer 3,700 hotel rooms and 550,000 square feet of meeting and convention space next to LVCC.  What are some of the plans for advancing DEI (diversity, equity and inclusion) within your organization? We’re currently partnering with instead of working with a leading consulting firm, to lay the foundation and create a solid DEI plan and be the leader when it comes to DEI initiatives. The heart of that journey with the consulting firm is also talking to our customers about their strategic approaches to DEI and driving innovation in this space.  What are your favorite ways to recharge? My husband and I have an RV and we’re outdoorsy people. So, while we have over 150,000 world-class hotel rooms and renowned restaurants right outside our doorstep, one of my favorite things to do is get out to Red Rock Canyon, the Valley of Fire, and Lake Mead. Five of the top national parks are within a three-hour drive from Las Vegas, so there’s a lot you can do. We love balancing the energy of Las Vegas with nature, and we’re noticing that a lot of attendees add activities off the Strip when they come here.  Valley of Fire What advice would you give to women following leadership paths in destination marketing? I think it’s about being laser-focused on what you want to accomplish; building a team around you that lifts you and helps you achieve your goals; and being humble and realizing that you do it as a group. No one gets this done alone. Thankfully, there are a lot of women in leadership in this organization, in our customers’ organizations, and in this city that we can be really proud of. We’re a formidable force that is making things happen.   This interview has been edited and condensed. This article is exclusively sponsored by the Las Vegas Convention & Visitors Authority. For more information, visit HERE.