ASIA – London-based Tarsus Group is to extend its events reach into southeast Asia following the company taking a 50% stake in organiser AMB Group, via joint venture, AMB Tarsus Exhibitions (AMBT).
The purchase, from AMB Group’s Andrew Siow and Richard Yew, for about US$13m (£9m) is structured to give the group the potential to buy the remainder of the business.
A Tarsus statement said the joint venture would complement the company’s operations in Indonesia by providing access to leading events and exhibitions in Malaysia, Myanmar and Cambodia.
Founded in 1996, AMB Group’s events portfolio focuses on the building, infrastructure, automotive and food processing sectors.
Tarsus Group MD Doug Emslie said: “Many of the ASEAN economies are growing strongly and the AMBT joint venture will offer us first-mover advantage in some key sectors in these exciting markets.
“I have known Andrew Siow for over 20 years and he and Richard have an excellent track record in launching and developing events in the region.
“We expect there to be compelling opportunities to replicate Tarsus’ leading brands into AMBT’s geographic footprint,” he added.
Siow and Yew will continue to manage the business after the acquisition.
As part of its accelerated replication programme Tarsus also expects to be able to introduce a number of its leading brands into AMBT’s markets of Malaysia, Myanmar and Cambodia. Tarsus will also assist AMBT to access Indonesia by utilising the group’s existing infrastructure in that market.
Tarsus will pay $4.1m on completion, with a further $4.1m payable in January 2016 and deferred performance-based payments in place until 2017, capped at $20m.
AMB Group had an unaudited profit before tax of about US$2.2m (£1.4m) for the year ended 28 February 2015.
Tarsus runs many major conferences, including the Metabolic Conference and PAINWeek in Las Vegas, as well as the A4M Thailand Congress on Anti-Aging & Aesthetic Medicine in Bangkok and Philauto in Manila.