Sale of Britain’s Biggest Exhibition Operator

Introduction to the Sale

The owners of one of Britain’s biggest exhibition operators have appointed bankers to oversee a sale next year that could fetch well over £1bn. This move comes as the company’s earnings performance has rebounded since the nadir of the Covid pandemic.

Background on the Company

The company in question, CloserStill Media, has been backed by Providence Equity Partners since 2018. It runs more than 200 specialist events, including in the areas of healthcare and technology. Recently, in September, the company acquired Billington Cybersecurity, an operator of trade fairs in the USA.

Sale Details

City sources indicate that CloserStill’s earnings performance means potential new owners of the company are likely to offer £1bn as a reserve price. To organize discussions with potential buyers, Providence Equity Partners has hired Jefferies and The Raine Group.

Market Context

CloserStill’s performance, like many of its competitors, has seen a significant rebound since the Covid pandemic, when many conference organizers feared for their survival. Other players in the sector include Clarion, which is owned by Blackstone and went through an aborted sale process earlier this year. Providence also owns Hyve, another major event organizer.

Expected Bidders

Bidders for CloserStill are expected to include trading rivals and other financial investors. The sale is anticipated to attract significant interest given the company’s strong portfolio of events and its recent growth, including the acquisition of Billington Cybersecurity.

Conclusion

The sale of CloserStill Media is set to be a significant transaction in the exhibition and events industry, reflecting the sector’s recovery and the company’s strong position within it. Providence Equity Partners has been contacted for comment on the upcoming sale.