M & A
Selling an expo: Lessons from the Midwest Solar Expo
Following the sale of the Midwest Solar Expo( MSE) to Diversified Communications in late 2024, founder Jake Rozmaryn discussed how the transaction came together with support from Grimes, McGovern & Associates( GMA).
EW: Tell us a bit about the Midwest Solar Expo( MSE). JR: I founded MSE in 2014 as a regional solar and clean energy trade show and conference. We wanted to bring solar companies into the Midwest market where there were no solar events, to help catalyse solar power in the region. Now, it’ s massive.
When the show sold in November of 2024 to Diversified, it had 60-70 exhibitors, 1,000 trade visitors, and 70-80 conference speakers.
EW: What made it feel like the right time to sell? JR: It was timing and fit. A larger organisation could take the show to the next level, and I knew the Diversified Clean Energy Portfolio team, since they had purchased Intersolar North America and were also clients of our agency.
EW: What was the best thing about the process? JR: Having previously sold a business on my own, having M & A advisors was very helpful. I enjoyed working with the GMA M & A team, many of whom used to be in the event business. They helped professionalise the process, clarified the timeline, and coached me through the negotiation process. They made it fun!
John( GMA Owner & CEO) was very involved in the process, even though we had a smaller show. He participated in conversations, came to the event, and followed up on negotiations.
The entire sales process was a valuable learning experience. I have no regrets.
Above: Jake Rozmaryn
EW: What was the most surprising thing about the process? JR: GMA told me it would take 6-9 months to complete the sale, and it took eight. I thought the show would be a simple transaction, but even then, the Due Diligence( DD) was cumbersome. DD is a nerve-wracking but necessary part of the process. There were a lot of questions to answer, so having a team behind me was extremely valuable.
EW: What do you suggest to event organisers preparing for a sale? JR: It’ s all about timing and fit. Knowing when to enter and exit a market is key to a good sale. There is a ton of competition with lots of solar conferences around the US. External forces, such as the political climate, also play a role.
For the fit, you need the right partner. As a founder and owner, you want to see your event thrive post-sale, and I wanted to have a hand in its future.
EW: For other entrepreneurs out there, what’ s the biggest piece of advice you can share? JR: Protect your downside risk. It’ s easy to be attached to your event, but external factors can truly impact the event.
Also, watch your expenses. You need to think of every dollar spent on expenses as having a direct impact on your valuation. Suppose you are targeting a 5X multiple, $ 1 costs you $ 5 on the exit. Improve your bottom line as much as possible without sacrificing the soul of the event. EW
n Jake continues consulting on the MSE and is enjoying working with the Diversified team.
Left: Jake( right) with Wes Doane, group VP, Diversified USA
Grimes, McGovern & Associates is a leading lower middle-market Mergers & Acquisitions firm advising media, events, and information services businesses globally.
16 Issue 6 2025 www. exhibitionworld. co. uk