Tarsus Acquires Turkish Organizer CYF Fuarcilik; Completes Company's 50/13 Strategy
October 24, 2012
With Tarsus Group’s recent acquisition of Turkish Organizer CYF Fuarcilik A.S., not only does Tarsus become one of the leading show organizers in the country, but it also signals the completion of its 50/13 strategy one year early, in which 50 percent of the company's revenue will come from emerging markets by 2013.
A 75-percent stake of CYF Fuarcilik A.S. was purchased by Tarsus for £6.2 million ($10 million) and includes two leading shows in Turkey:
- Eurasia Plant Fair (scheduled in December), an international exhibition in Istanbul last held in 2011 with a 10,800 net square meter showfloor (116,250 square feet), focusing on ornamental flowers and plants, landscape and related supply industry
- Yapi Decoor (scheduled in March), an international exhibition in Ankara, which had a 6,200 net square meter showfloor (66,736 net sq. ft.) last time it was held in 2012, focusing on construction material and building renewal)
“The acquisition of CYF with our partner at IFO brings additional scale to our already substantial operations in Turkey, which we now aim to develop and expand both in the domestic market and the wider region,” said Douglas Emslie, Tarsus Group managing director.
He added the plant show in particular was what attracted Tarsus to buying the company.
“It is a growth market, and it is in its infancy in terms of individual consumption of flowers and plants, but also it’s driven by growth in construction and gardens being built around new buildings and municipalities,” Emslie said.
Founders Hakan Yüksel and Osman Candemir will continue to manage CYF after its acquisition, which is expected to be completed in November.
For a video announcement of the acquisition please click HERE.
The CYF acquisition is Tarsus’ third significant acquisition in Turkey. Earlier purchases included a 70-percent stake in Turkish Exhibition Company Life Media (Lifemedia Fuarcilik) earlier this year, and last year, Tarsus acquired 75 percent of IFO (Istanbul Fair Organization).
Another recent acquisition by Tarsus was the purchase of a 50-percent stake in the China International Automotive Aftermarket Industry and Tuning (Guangzhou) Trade Fair (“GZ Auto”) and other associated business assets.
The buy was announced in April, but because of the governmental approval process in China, it likely will be completed by the end of 2012.
All of these acquisitions, and several additional previous ones, quickly has pushed Tarsus Group past its original goal to have 50 percent of its revenue derived from emerging markets by 2013.
“To reach the 50/13 strategic milestone a year early is a major achievement for the Group,” Emslie said.
He added, “It will enable us to quicken the pace of our earnings growth earlier than expected.”
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