Clarion Events, organiser of more than 200 leading events worldwide, has been sold to global asset management firm Providence Equity.
Some of Clarion’s events include Counter Terror Expo, DSEI – Defence & Security Equipment International; Top Drawer London and Mortgage Business Expo.
The deal was announced to Clarion staff on 9 January, and is reportedly worth just north of £200m.
It is understood that Providence, which is a major global investor specialising in media, communications, education and information industries, was up against a number of other competing parties in the second round of bidding, including, ITE Group, Penton Media, Charterhouse Capital Partners and finally Carlyle Group LP.
Providence, according to industry sources, overcame a strong bid from Carlyle Group in the final stage, and is expected to invest heavily in Clarion as the organiser looks to start expanding aggressively again. The company is already said to be looking at international acquisitions both large and small.
Clarion employs over 300 staff and turnover is said to be over US$130m worldwide. The company has increased in value since it underwent an MBO in 2004.
Simon Kimble (pictured), Clarion’s executive chairman, has yet to comment officially on the sale.
Do you have a news story for CN? Email: Paul Colston