Private equity firm Providence Equity Partners is considering selling CloserStill, a UK-based events company, later this year, as the events sector experiences a surge in dealmaking post-pandemic, according to a report by the Financial Times.
Providence, which acquired CloserStill in 2018, is in the early stages of evaluating a potential sale that could value the company at over £1bn, according to sources familiar with the discussions. However, they note that no final decisions have been made, and the plans remain subject to change.
If pursued, the sale of CloserStill would add to a series of recent transactions in the events industry.
Following widespread cancellations during global lockdowns, the events sector has rebounded to surpass pre-Covid levels, with businesses eagerly returning to in-person conferences and award ceremonies. This revival has fuelled a wave of acquisitions and sales in the industry.
Among these, US private equity giant Blackstone is preparing to sell Clarion, a UK-headquartered events business, with Goldman Sachs managing the process set to begin in the first quarter of this year.
Clarion, which Blackstone acquired from Providence, hosts conferences in fields such as electronics and digital marketing. Last year, Clarion’s CEO, Lisa Hannant, shared plans to pursue acquisitions to capitalise on the rising demand for conferences.
In July, UK-based events and publishing company Informa acquired Ascential, the owner of global conferences such as Cannes Lions, in a deal worth approximately £1.2bn.
Other notable deals include KKR’s acquisition of Superstruct Entertainment from Providence last June. Superstruct, known for European music festivals like Hungary’s Sziget and Germany’s Wacken Open Air, was valued at around €1.3bn.
Providence, headquartered in Rhode Island, has actively invested in the events sector, including its 2023 joint acquisition of UK-based events company Hyve with Searchlight Capital.
CloserStill specialises in hosting professional events across sectors like business technologies, infrastructure, transportation, and healthcare. Its portfolio includes conferences on topics such as data centres, industrial vehicle technology, and dentistry.
