Blackstone has formally initiated a sale process for UK-based Clarion Events, which, with an enterprise value of around £2bn, could be one of the largest private equity exits of the year, according to a report by Reuters citing multiple unnamed sources familiar with the matter.
The New York-headquartered investment firm has begun circulating information memoranda to prospective buyers, with interest reportedly received from a slate of major global sponsors, including CVC Capital Partners, KKR, Ardian and PAI Partners. Hillhouse Investment, a pan-Asian private equity house, is also understood to be evaluating the asset, which maintains a significant presence in China via its Global Sources platform.
Clarion, acquired by Blackstone in 2017 for £600m, operates a diversified portfolio of international B2B trade shows across verticals such as electronics, gaming, defence, and energy.
The group endured significant disruption during the Covid, when the events sector was brought to a standstill, but has since seen a resurgence in operational performance, reporting a 68% increase in revenue to £432.9m for the 12 months to January 2024, buoyed by a full rebound in Asia-Pacific markets, including China and Hong Kong.
According to sources, the process could value Clarion at approximately 12x EBITDA although there is no certainty that a deal will be agreed.
