The owners of one of Britain’s biggest trade show operators have selected bankers to supervise a sale next year with a potential value of over £1 billion. Sky News has reported that Providence Equity Partners, a supporter of CloserStill Media since 2018, has enlisted Jefferies and The Raine Group to manage discussions with potential buyers.
According to sources in the city, the earnings trajectory of CloserStill indicates that prospective new owners of the business are likely to offer a minimum price tag of £1 billion. The company organizes more than 200 specialized events across various sectors, including healthcare and technology. In September, CloserStill acquired Billington Cybersecurity, a show operator in the US.
CloserStill’s performance, like many of its counterparts, has recovered since the lowest point of the Covid pandemic, when numerous conference organizers were concerned about their survival. Alongside Searchlight, another private equity firm, Providence also has ownership of Hyve, another prominent events organizer.
Other significant players in the sector include Clarion, which is under the ownership of Blackstone and recently underwent an unsuccessful sale process. It is anticipated that potential bidders for CloserStill will include both trade rivals and financial investors.
Providence has been reached out to for a statement.
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