Diversified Communications announced today that they have entered into an agreement with UBM Asia Limited (“UBM Asia”) to sell Restaurant & Bar Hong Kong (“RBHK”), Natural & Organic Products Asia (“NOPA”) and Retail Asia Expo (“RAE”) to UBM Asia Limited (“UBM Asia”) which concludes the company’s two-year strategic divestiture plan.
Not included in the sale are Diversified Communications’ other Natural & Organic Products brands, currently produced in the UK, Scandinavia and Australia, and Seafood Expo Asia. Seafood Expo Asia will co-locate with Restaurant and Bar Hong Kong as planned and will continue to be produced by Diversified’s Seafood Group with team members in the United States and Hong Kong.
“Over the past 24 months we have been selling some of our smaller-market products and divisions which has positioned us very nicely for continued growth with cash on hand and unused credit facilities,” said Diversified Communications’ President and CEO, Theodore Wirth. “Meanwhile, we have been investing in our core products, strategic launches and acquisitions. By doing so, we have grown our top line revenue and, more importantly, our bottom line profit and we continue to seek investment opportunities in North America, the UK, Europe and Australia.”
Diversified Communications is a leading international media company with a portfolio of face-to-face exhibitions and conferences, online communities and digital and print publications. As producers of these market-leading products Diversified Communications connects, educates and strengthens business communities in over 14 industries including: food and beverage, healthcare, natural and organic, business management and technology. Established in 1949 and headquartered in Portland, Maine, USA with divisions and offices around the world, Diversified Communications remains a privately held, third generation, family-owned business. For more information visit: www.divcom.com