Montgomery Worldwide is in the final stages of a deal to acquire Reed Exhibitions’ shareholding in the 50:50 Montgomery:Reed joint venture, Fresh RM, for an undisclosed amount. The deal is expected to complete on 1 July 2011.
The joint venture set up in 1999 brought together Montgomery’s food and drink events and Reed’s hospitality portfolio into a single company.
Fresh RM’s portfolio of shows includes Hotelympia, IFE, Pro2Pac, Speciality & Fine Food Fair, Speciality Chocolate Fair, Hospitality, Careers in Hospitality, and ifeproductsearch.com.
“During the course of the joint venture, Fresh has developed into the largest and most respected UK exhibition organiser in the food, drink & hospitality sectors” commented Sandy Angus, Chairman of Montgomery Worldwide. “The company has not only developed the initial portfolio of shows but has expanded its business with a number of launch events that are now well established within the marketplace.”
Commenting on the sale, Reed Exhibitions UK’s CEO Andrew Fowles said “The Fresh RM JV has been a great success for Montgomery and Reed Exhibitions. We believe now is an appropriate time for the business to be managed under one owner and the sale of our shares to Montgomery allows continuity for the staff. We plan to complete on 1st July 2011 and thereafter wish Montgomery and the Fresh RM team every success for the future.”
Fresh RM will continue to operate out of the Montgomery Worldwide offices in London.
“We have enjoyed our joint venture with Reed Exhibitions, they have been excellent partners”, says Sandy Angus. “However both parties felt that Fresh can grow faster under the control of one company and we are delighted that it will be Montgomery Worldwide taking the business forward.”