Phoenix Equity Partners, a UK middle-market private equity firm, has invested in CloserStill, a business-to-business exhibition organiser, in a transaction which values the business at circa GBP25 million.
This is the sixth investment from Phoenix’s GBP450 million fund, which was raised in 2010, and is a partial exit for NVM Private Equity ("NVM"), which delivers an excellent return on their original investment.
Phoenix is backing the existing management team of CloserStill, led by Andy Center (CEO), Phil Soar (Chairman), Phil Nelson and Michael Westcott.
Phoenix’s investment, together with an ongoing investment by NVM, marks an exciting new phase in CloserStill’s development. This new capital will support management’s accelerated growth strategy, including international expansion and further UK-based growth, driven by acquisitions and new launches.
CloserStill has delivered substantial growth over the last three years, both in its organic business and acquired brands. The company has a portfolio of ten major exhibitions in the UK, principally in the healthcare and technology sectors, including the London Vet Show, the Pharmacy Show, the Dentistry Show, Learning Technologies, nextgen, and the recently launched, Clinical Pharmacy Congress. The company has just announced its first international event, France Vet, which takes place in Paris next year.
The business was formed in 2008, when NVM backed the existing management team to establish CloserStill as a new business and to lead a buy and build strategy. NVM’s continued involvement in the business demonstrates their ongoing commitment to an experienced management team with a strong track record.
Center says: "It`s been a brilliant journey and huge fun so far with our friends at NVM and with a team of people here that can move mountains. Phoenix has an enviable pedigree and, with their backing, we can now paint our pictures on even bigger canvasses – the adventure continues.”
Kevin Keck (pictured), a Partner at Phoenix, says: "We see great opportunities for CloserStill to grow rapidly both in the UK and internationally. We have been focused on making an investment in the exhibition sector for some time and we are delighted to be investing alongside the outstanding CloserStill team."
Peter Hodson, a Partner at NVM, says: "We have really enjoyed working with the CloserStill management team during the last six years; so much so, we were keen to roll over and be part of the journey in the next phase of the company’s growth, alongside Phoenix."
