London, 22nd July: Global private equity firm, Blackstone announced that the company will buy U.K.-based Clarion Events from Providence Equity Partners. The transaction value will be approximately £600 million (US$785 million).
Headquartered in London, Clarion has over 950 employees in 13 offices worldwide. The company was founded in 1947 and operates events covering a wide range of categories including: retail & home, gaming, defence & security, technology and energy. Each year, Clarion organises some 180 events and exhibitions in more than 50 countries.
Lionel Assant, head of European private equity at Blackstone, said, “We are delighted to invest in Clarion and back chairman Simon Kimble and CEO Russell Wilcox in the company’s next chapter. Clarion’s leading position in its markets combined with its strong management team will enable the company to continue growing both organically and through M&A. Blackstone has a significant track record of investing in media businesses as well as buy and build platforms. We look forward to working together with management to capitalise on its success.”
This deal follows soon after Blackstone’s acquisition of NASDAQ-listed Global Sources in May. Global Sources held a special general meeting of shareholders on 24th July to approve the acquisition of Global Sources by funds affiliated with Blackstone. When the acquisition completes, Global Sources will be delisted from the NASDAQ Global Select Market.