Exhibition News June 2018 - Page 10

NEWS THE DEALMAKER Steve Monnington of Mayfi eld Media Strategies runs the rule over the latest global exhibition deals F 10 orbes magazine was spot on. In last month’s column I wrote about a rumoured £300m bid by ITE for Ascential’s exhibition business. On the same day as ITE announced their interim results, they have confi rmed a conditional agreement for the proposed acquisition for exactly that price, to be funded by the issue of new shares supplemented by an increase in debt. Spring and Autumn Fair, Pure, Bett and CWIEME (Coil Winding) will all join ITE’s portfolio of shows fundamentally changing the focus of the business, which up to now has only ever had one UK exhibition brand – MODA. The announcement of ITE’s interim results shows the scale of the transaction for them. The Ascential business brings £77.5m of annual revenue compared to the £75.4m just announced for the whole of ITE’s existing business for the six months to March 2018. Annual EBIT is £24m compared to ITE’s headline profi t for the period of £16m. All of this comes at a price with an implied multiple of 12.5x which is quite toppy considering that Spring and Autumn Fair and Pure have been showing an annual decline in revenue. The integration of the business over the next 12 months will be fascinating to watch. In February’s column I reported on Diversifi ed Communication’s disposal of the HRM conference in Singapore. It has now completed its withdrawal from the Asia market with the sale of its food and hospitality portfolio to UBM Asia. Restaurant & Bar Hong Kong, Natural & Organic Products Asia and Retail Asia Expo will all come under UBM, whose position in the food and hospitality sectors signifi cantly strengthened when it acquired Allworld Exhibitions at the end of 2016. The disposal leaves Diversifi ed with business in the USA, UK, Europe and Australia. UBM also added to its Malaysian portfolio acquiring ITE Tradelink, organiser of the metalworking event Metaltech. Reed has also been looking at its non-core assets, selling fashion exhibition Capsule to Liberty Fashion & Lifestyle Fairs. Liberty and Capsule have been held next to each other in Las Vegas. Reed acquired Capsule in 2014 from fashion agency BPMW when there were 14 shows each year in New York, Las Vegas, Paris and Berlin. There are now 12 events after Berlin closed in 2015. Bradley-Morris, Inc. the military recruiting fi rm based in Ohio, USA have acquired MBA Veterans Network, organiser of MBA Veterans and UndergraduVets Conferences, a series of events that target the recruitment of highly- educated senior military professionals into the corporate world. Bradley Morris is owned by private equity fi rm Thompson Street Capital Partners. Messe Munich has made further investment in India with the acquisition of Smart Cards Expo from Electronics Today. The show was launched in 1999 and various co-located shows including IoT India Expo, E-Security Expo and RFID India Expo have been added over time culminating in an event of more than 100 exhibitors. French Group GL Events has moved into Chile acquiring 60 per cent of FISA, Chile’s leading exhibition organiser, which runs Expomin (mining), Edifi ca (construction), Exponaval shipbuilding and Expohospital (healthcare). The Sociedad Nacional de Agricultura will retain a 40 per cent stake. It’s always a pleasure to see entrepreneurs develop and then sell their business. The universally respected Jo-Anne Kelleway has sold Info Salons to Freeman. I fi rst met Jo- Anne at SISO around 18 years ago and it has been great to watch the development of the company over that time. I N T E R N AT I O N A L N E W S MELBOUR