London, 20th December: Global asset management firm, Providence Equity Partners, announced that the company has signed an agreement to acquire CloserStill Media, a U.K.-based trade show and event organiser, for £340 million (US$431 million). Providence has experience owning exhibition businesses. Previously, Providence held stakes in Clarion Events and George Little Management in the U.S.
CloserStill operates a portfolio of global brands covering the technology, learning and healthcare sectors. The company has more than 270 employees at offices in London, Paris, New York, Los Angeles, Berlin, Singapore and Hong Kong. After the transaction, Phil Soar and Phil Nelson, co-founders of CloserStill, and the broader management team, will remain shareholders alongside Providence.