United Business Media Ltd., the London-based publisher of Information Week and owner of PR Newswire, has purchased Canon Communications LLC, which owns Injection Molding Magazine and Modern Plastics Worldwide.
In a deal announced Sept. 16, UBM said it was paying $287 million to buy Canon from Apprise Media LLC and Spectrum Equity Investors.
Apprise Media, backed by Spectrum, had acquired Canon in 2005 from Veronis Suhler Stevenson, in a deal that the Daily Deal estimated at about $200 million.
The $287 million purchase price represents a multiple of 7.8 times EBITDA (earnings before interest, taxes, depreciation and amortization), according to UBM.
Los Angeles-based Canon Communications has 24 trade magazines and 41 trade shows covering a range of sectors, including medical design and manufacturing, packaging, plastics and design, and design and manufacturing.
In a news release announcing the deal, UBM CEO David Levin said Canon's medical-related brands were particularly attractive.
Canon employs 343 around world, including 278 people based in the United States.
