FOLIO: Magazine covers B2B media power Penton huddling with its investment bankers to explore "strategic alternatives" for a possible sale. Penton, which has managed to leverage its way back to profitability out of a disastrous drop during the ad recession, sees a window of opportunity as the finances of its current state are healthy enough to clamber above its debt and then some. With EBITDA earnings in 1Q06 more than doubling last year's first quarter, the rationale for planning an exit at this time is clear.

Penton has succeeded in creating a lean and mean operation that is making online operations a key factor in its growth plans via a portfolio of publications that has been trimmed to suit many key sectors that can expect solid growth over the next few years. One potential weak spot is in the enterprise IT sector, where Penton's focus on Microsoft technologies may feel some pain from stalled introductions of Vista and increased competition from open source technologies in the enterprise space.

M&A of this scale always seems like a bit of a musical chairs gambit in the current environment that's favoring online newcomers in many sectors as much as established titles, but if you're willing to play the game it's as good a time as any to grab a solid portfolio that's been whipped into shape as much as one can by conventional standards. Go for it, Penton, the time is right.