Tarsus Group, the business-to-business media group, has acquired 100% of the assets of HealthScienceMedia in the US for approximately £8.5 million and 60% of SADA Uzmanlik Fuarlari A.S. in Turkey for up to £5.6 million.
The principal asset being acquired from HSM is the Cardiometabolic Health Congress, the largest US event focused on the cardiometabolic field. It is an annual congress which began in 2006 and is held over three days each October in Boston. CMHC’s 2012 delegates comprised approximately 1,500 practising clinicians.
The unaudited profits attributable to the assets being acquired in the twelve months to 31 December 2012 were $2 million on revenues of $3.5 million and the gross assets being acquired amount to approximately $0.5 million. HSM is owned by Alex Teperman, who will remain with the business on a consultancy basis.
Tarsus is acquiring the assets of HSM for $14 million of which $10 million is payable in cash on completion with the balance payable in two equal cash payments after the 2014 and 2015 Cardio events respectively.
Established in 1967 and based in Ankara, SADA organises a single event – Komatek – which was first held in 1991. This biennial (odd years) show is Turkey’s largest trade exhibition for construction equipment and related products. The last edition was held in May 2013 at the Ataturk Centre in Ankara with combined indoor and outdoor net space of 53,200m2. Over 400 exhibitor companies were present and visitor numbers, at approximately 35,000, were 9% higher than the 2011 event.
Komatek is the largest construction equipment exhibition in Turkey and one of the largest events in Europe. With $1 trillion worth of major construction and investment projects expected to be completed in Turkey between now and 2023, the Group expects strong growth in Turkey’s construction market over that timeframe.
Unaudited revenues at Komatek in 2013 were TL3.3 million (approximately £0.9 million). Tarsus will pay an initial TL5.0 million (approximately £1.4 million) on completion and two additional payments contingent on the profit performance of the 2015 and 2017 events. The total consideration for 60% of SADA is capped at TL20 million (approximately £5.6m). SADA’s management team will continue to run the business post-acquisition.
Douglas Emslie, Tarsus Group Managing Director, said, “The two acquisitions are further steps in the execution of our “Quickening the Pace” strategy. Both are exciting events in markets where we have established a strong presence and which we believe are likely to show further growth. Our focus will be on the effective integration of both businesses as cornerstones of our future organic growth. Cardio will bring greater access to the important US market for our wider medical division and Komatek delivers critical mass to our construction events in Turkey and Indonesia.”
UK, London & USA, Boston & Turkey, Ankara
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