Apax Partners has emerged as a leading contender to acquire UK exhibitions and events group CloserStill Media from fellow buyout firm Providence Equity Partners, in a deal that could value the business at more than £1.2bn, according to a report by Reuters.
Providence Equity Partners acquired its majority stake in CloserStill in 2018 from a consortium including Inflexion Private Equity, NVM Private Equity, and management shareholders, in a deal valued at approximately £340m. The prospective sale would therefore represent a substantial increase in value over Providence’s original entry price.
The report cites unnamed sources familiar with the process as highlighting that the London-based buyout firm is understood to be competing in an auction that has been running over recent months, with market participants indicating that Providence is aiming to finalise an agreement in the near term. However, sources cautioned that no binding deal has been reached and competing bidders could still emerge.
CloserStill Media operates a portfolio of specialist trade exhibitions across healthcare, technology, and professional services sectors. Its flagship events include platforms such as the London Vet Show, Cloud Expo Europe, Data Centre World, The Pharmacy Show, and The Dentistry Show.
If completed, the transaction would rank among the more significant private equity-backed trades in the European events sector in recent years, reflecting renewed investor interest in experiential and business-to-business conferencing assets following a slowdown in deal activity during recent macroeconomic uncertainty.
Providence Equity Partners acquired its majority stake in CloserStill in 2018 from a consortium including Inflexion Private Equity, NVM Private Equity, and management shareholders, in a deal valued at approximately £340m. The prospective sale would therefore represent a substantial increase in value over Providence’s original entry price.
