Private Equity Firm Blackstone Buys U.K.-based Clarion Events
July 24, 2017
A few years after Providence Equity Partners bought U.K.-based Clarion Events, the trade show company has changed hands again to another private equity firm – Blackstone.
“We are delighted to invest in Clarion and back Chairman Simon Kimble and CEO Russell Wilcox in the company’s next chapter,” said Lionel Assant, head of European Private Equity at Blackstone.
He added, “Clarion’s leading position in its markets combined with its strong management team will enable the company to continue growing both organically and through M&A. Blackstone has a significant track record of investing in media businesses as well as buy and build platforms. We look forward to working together with management to capitalise on its success.”
Clarion hosts 180 events annually, employs nearly 1,000 people and draws more than one million visitors to its exhibitions each year.
According to news reports, the deal was valued at $782 million and other bidders for the company are said to have included U.K.-based Cinven and Xio, a Chinese investment firm.
“We are extremely excited about our new partnership with Blackstone and see a great future going forward,” said Russell Wilcox, Clarion Events’ CEO.
He added, “The management team has enjoyed an immensely productive and successful relationship with Providence, who have been tremendous partners over the last two years. We have been impressed with Blackstone’s ambition and approach. With their support and strategic leadership, we will be looking to expand our global platform even further, both through consistent organic growth and the successful integration of acquisitions into the portfolio.”
Blackstone has been on an acquisition streak of late – buying also International Market Centers – which owns the biennial Las Vegas Market and High Point Markets.
In June, Blackstone also entered into an agreement to buy Hong Kong-based Global Sources that has several sourcing shows, among others.
Clarion Events also has made some acquisitions recently, particularly in the United States when it bought Kennesaw, Ga.-based Urban Expositions last year, which has a portfolio of 37 events serving nine industry sectors.
Urban Exposition’s shows are in the gift, souvenir, apparel, art, aviation, foodservice, Halloween and party, pet and gaming sectors.
Clarion’s overall portfolio is focused in sectors that include defence, telecom, gaming and oil and gas, to name a few.
Blackstone was advised by bankers at Barclays, while Clarion was advised by Ducanon, HSBC and Moelis.
Andrew Tisdale, managing director at Providence, said: “We are delighted to have partnered with the outstanding team at Clarion. They have delivered both impressive organic growth and executed a compelling acquisition strategy.”
He added, “Clarion has developed an exceptional entrepreneurial culture, and we feel fortunate to have worked with them so closely. We believe and fully support their strategy and its ongoing implementation – and are pleased to have the option to participate in Clarion’s future success.”
Providence, which invested in Clarion in 2015, has an option to reinvest a portion of its proceeds from the sale into Clarion.
Partner Voices
Overview:
The award-winning Orange County Convention Center (OCCC) goes the extra mile to make every day extraordinary by offering customer service excellence and industry-leading partnerships. From their dedicated in-house Rigging team to their robust Exhibitor Services, The Center of Hospitality brings your imagination to life by helping you host unforgettable meetings and events. With more than 2 million square feet of exhibit space, world-class services and a dream destination, we are committed to making even the most ambitious conventions a reality.
In October 2023, the Orange County Board of County Commissioners voted to approve allocating Tourist Development Tax funding for the $560 million Phase 5A completion of the OCCC. The Convention Way Grand Concourse project will include enhancements to the North-South Building, featuring an additional 60,000 square feet of meeting space, an 80,000- square-foot ballroom and new entry to the North-South Building along Convention Way.
“We are thrilled to begin work on completing our North-South Building which will allow us to meet the growing needs of our clients,” said OCCC Executive Director Mark Tester. “As an economic driver for the community, this project will provide the Center with connectivity and meeting space to host more events and continue to infuse the local economy with new money and expanding business opportunities.”
Amenities:
The Center of Hospitality goes above and beyond by offering world-class customer service and industry-leading partnerships. From the largest convention center Wi-Fi network to custom LAN/WAN design, the Center takes pride in enhancing exhibitor and customer experience.
The OCCC is the exclusive provider of electricity (24-hour power at no additional cost), aerial rigging and lighting, water, natural gas and propane, compressed air, and cable TV services. Convenience
The Center is at the epicenter of the destination, with an abundance of hotels, restaurants, and attractions within walking distance. Pedestrian bridges connect both buildings to more than 5,200 rooms and is within a 15-minute drive from the Orlando International Airport. The convenience of the location goes hand-in-hand with top notch service to help meet an event’s every need.
Gold Key Members
The OCCC’s Gold Key Members represent the best of the best when it comes to exceptional service and exclusive benefits for clients, exhibitors and guests. The Center’s Gold Key memberships with Universal Orlando Resort, SeaWorld Orlando and Walt Disney World greatly enhance meeting planner and attendee experiences offering world-renowned venues, immersive experiences and creative resources for their events.
OCCC Events:
This fiscal year, the OCCC is projected to host 168 events, 1.7 million attendees, and $2.9 billion in economic impact.
The Center’s top five events during their 2022-2023 fiscal year included:
AAU Jr. National Volleyball Championships 2023
200,000 Attendees
$257 Million in Economic Impact
MEGACON 2023
160,000 Attendees
$205 Million in Economic Impact
Open Championship Series 2023
69,500 Attendees
$89 Million in Economic Impact
Sunshine Classic 2023
42,000 Attendees
$54 Million in Economic Impact
Premiere Orlando 2023
42,000 Attendees
$108 Million in Economic Impact
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