Live Nation Entertainment acquires a majority stake in BDG Music Group,

June 19, 2013 — Fusion DigiNet

LIVE NATION ENTERTAINMENT LOGOLive Nation Entertainment has acquired a majority stake in BDG Music Group, the Baltic region’s largest concert promotion company.

Since early 2012, BDG Music has produced more than 50 shows in the Baltics and sold more than 200,000 tickets. The group will bdgretain its current management team, although upon completion of the deal, it will be renamed Live Nation Baltics. The terms of the deal were not disclosed.

Michael Rapino, President and Chief Executive Officer of Live Nation Entertainment, said: “With this acquisition we now have operations in 43 countries. This further demonstrates our ongoing commitment to expanding our global footprint, which enables us to bring live entertainment to even more fans around the world.”

This year Live Nation Baltics is on the bill for major concerts featuring Robbie Williams and Depeche Mode, among others.

USA, Beverly Hills, CA & Estonia, Tallinn

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DMGT Half Year Preliminary Results

May 23, 2013 — Fusion DigiNet

DMGT have announced their half Yearly Financial Report for the six months ended 31 March 2013. They report a good underlying performance, with the full Year outlook unchanged.

Financial Highlights

                  Half Year   Half Year    Reported   Underlying  Half Year  Half Year
                    2013         2012      Change~     Change~      2013       2012
                             (restated)+                                    (restated)+
Revenue             £915m       £974m        -6%         +2%        £866m      £866m
Operating profit    £146m       £133m        +10%        +7%        £97m       £68m
Profit before       £137m       £105m        +30%                   £97m       £37m
tax
Earnings per        25.8p       19.6p        +32%                   28.2p      15.8p
share
Dividend per                                                        5.9p       5.6p
share
  • DMGT underlying revenue up 2%; underlying operating profit up 7%
  • Adjusted profit before tax of £137m, up 30%
  • Good performance from B2B; underlying revenue up 6% and underlying profit up 5%
  • Underlying revenue decline of 2% at dmg media; improved profit margin driven by cost efficiencies, resulting in underlying profit up 7%
  • Active portfolio management; bolt-on acquisitions and disposal of non-core assets
  • Net debt up £111m to £724m; net debt:EBITDA ratio of 1.85
  • Share buy back programme progressing well
  • Dividend increased by 5%
  • Outlook for the full year unchanged

Martin Morgan, Chief Executive, said:

“We have delivered a good underlying performance in the first half reflecting the strength of our B2B companies and the resilience of our national consumer titles. As expected, reported operating profit increased despite a decline in reported revenue resulting from recent disposals.

Our international B2B companies have increased their underlying revenues and profits* by 6% and 5% respectively. Our UK consumer business, dmg media, continued to experience challenging conditions and underlying revenues were slightly down, although the increase in digital revenues more than offset the decline in print advertising revenues and the business delivered a 7% underlying increase in operating profit*.

We have continued to actively manage our portfolio of businesses and have made several acquisitions and disposals during the period and into the second half, to improve the overall quality and growth prospects of the Group.

Relative to last year, the first half of the year benefited from the timing of biennial events and the absence of a bond redemption premium. Conversely we expect the comparatives in the second half of the year to be adversely impacted by the timing of biennial events and the Olympics, which were one-off benefits for us in the second half of the last financial year. Overall, the outlook for the full year remains unchanged.”

For further information click here.

UK, London

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ITE Group – results for the 6 months to March 2013

May 22, 2013 — Fusion DigiNet

ITETrade exhibitions and conferences company ITE Group has announced interim results for the 6 months to March 2013.

Highlights

ITE 6monthstoMar13

Click on the table for a larger image 

  • Like-for-like revenue growth of 10%+ in H1
  • Biennial and event timing impacts H1 profits by -£3.6m
  • Continued strong cash generation: net cash as at 31st March of £21.7m
  • Three recent acquisitions (ABEC in India, Trade-Link and ECMI in Malaysia – see related articles below) in Asia
  • Good forward visibility: £174m of revenue booked for the full year – (£156m this time last year)

Click here for full details of the announcement

Russell Taylor, CEO of ITE Group plc, commented:

“ITE has delivered a good performance over the first half of the year, delivering solid organic growth in a period which was negatively impacted by biennial and event timing differences. Our three recent acquisitions of ABEC in India, Trade-link and ECMI in Malaysia represents progress in achieving the Group’s strategic aims to expand the Group’s territorial operations in markets with further potential for growth.

The Group has a strong balance sheet and its main markets are trading well. As at 17 May 2013 the Group has booked revenues for the current financial year of £174 million (2012: £156 million), which includes sales from newly acquired businesses as well as organic growth. On a like-for-like basis revenues booked for the full year are 8% ahead of this time last year. The Group is in a strong financial position with continued good trading conditions in our markets the Board has confidence in the full year outcome”.

UK, London

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GLM acquires the Pier Antiques Show & the Antiques at the Armory Show from Stella Show Management Company

May 20, 2013 — Fusion DigiNet

GLMGLM has acquired the Pier Antiques Show and the Antiques at the Armory Show from Stella Show Management Company. This transaction follows the Miami National Antiques Show acquisition earlier this year. Terms of the deal were not disclosed.

“Following the recent addition of the Miami National Antiques Show to our annual events, the acquisition of these established shows in New York further strengthens U.S. Antique Shows’ position as the world’s leading producer of indoor antique shows,” said Dan Darby, GLM vice president and U.S. Antique Shows group show director. “In our unique position, we will bring more than 50,000 consumers together with 2,400 dealers, from 22 countries, who exhibit rare merchandise and signature collections in the key U.S. antique and jewelry markets.”

The Pier Antiques Show, one of New York City’s largest, trendsetting shows featuring Fashion Alley and Book Alley, is held semi-annually in March and November, and features 500 exhibitors of quality antique furniture, decorative and fine arts, at Pier 94. The next Pier Antiques Show will be held on November 23-24, 2013.

Originally launched in 1995, the Antiques at the Armory Show has become a mainstay of Americana Week in New York each January. The Show features 100 select exhibits of fine and affordable American & European antiques, period furniture, Americana, folk art, garden and architectural artifacts, fine art and prints.

“The Pier Antiques Show and Armory Antique Show are a natural fit for U.S. Antique Shows,” said Andrea Canady, director of business development, U.S. Antique Shows. “Producing these incredibly unique shows will allow us to develop new, more distinct and comprehensive selling opportunities for dealers, including dealers who have exhibited with U.S. Antique Shows for more than 40 years, while broadening the reach for each of these well-established events.”

USA, Naples, FL & New York, NY

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Euromoney Institutional Investor – 6 months results to March 2013

May 16, 2013 — Fusion DigiNet

Euromoney logoEuromoney Institutional Investor PLC, the  online information and events group, achieved an adjusted profit before tax of £52.4m for the six months to March 31 2013, against £48.6m for the same period in 2012. Total revenues fell by 1% to £187.3m.  Underlying revenues, after adjusting for timing differences on events, increased by 1%.  Subscriptions returned to growth after a decline in the first quarter; event revenues were broadly flat after adjusting for timing differences; and advertising remained weak but only accounts for 12% of total revenues.

Highlights

Euromoney 6 month results May 13

Click on the table for easier viewing

  • Revenues down 1% to £187.3m, as expected
  • Revenues excluding event timing differences up 1%
  • Subscriptions return to growth in second quarter
  • Adjusted profit before tax up 8% to £52.4m
  • Adjusted operating margin unchanged at 30%
  • Increased investment in new products and digital migration
  • Net debt remains at historically low levels and less than 0.5x EBITDA
  • Four bolt-on acquisitions announced since January
  • Interim dividend maintained at 7p a share
  • Second half trading in line with board’s expectations

Commenting on the first half results, chairman Richard Ensor said, “The group’s strategy of building a focused global online information business has underpinned the company’s bottom line growth despite the challenging markets.  We have continued to invest in technology and new products to drive organic growth, and have made acquisitions from which we expect to drive future revenue synergies.  Overall, trading remains in line with the board’s expectations. ”

For full details click here

UK, London

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Canadian PE acquires Nielsen’s exhibition unit

May 9, 2013 — Fusion DigiNet
nielsenPrivate equity firm Onex Corporation is to acquire Nielsen Expositions from the media measurement and retail information group, Nielsen. Onex are paying $950 million in cash. Nielsen Expositions is a leading operator of large, business-to-business trade shows in the United States and Nielsen’s last non-core business. 

For the year ended December 31, 2012, Nielsen Expositions generated revenues of approximately $183 million, adjusted EBITDA of $97 million and incurred capital expenditures of $2 million on a stand-alone basis, so Onex are paying around 9.8 times last year’s EBITDA.

Onex Partners III, Onex’ $4.7 billion private equity fund, will make an equity investment of approximately $350 million, of which Onex’ share is approximately $85 million as a Limited Partner in the Fund. The transaction is anticipated to close in the second quarter.

Based in San Juan Capistrano, California, Nielsen Expositions produces around 65 business-to-business tradeshows and conference events each year across nine diversified end-markets, including general merchandise, sports, hospitality and retail design, jewelry, and photography. Nielsen Expositions has approximately 240 employees and operates out of four U.S. offices.

“Nielsen Expositions’ strength in the U.S. business-to-business tradeshow industry is evidenced by its high renewal rates, long-standing exhibitor relationships, and the brand strength of the underlying shows,” said Kosty Gilis, an Onex Managing Director. “This is a great opportunity to partner with David and his management team to build on the company’s market leadership position through continued expansion of its existing shows as well as select acquisitions.”

Onex has approximately $15 billion of assets under management, including $5 billion of proprietary capital, in private equity, credit securities and real estate.

Canada, Toronto & USA, San Juan Capistrano, CA & New York. NY

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Euromoney Institutional Investor acquires a majority stake in the Centre for Investor Education in Australia

April 19, 2013 — Fusion DigiNet

Euromoney logoEuromoney Institutional Investor PLC, the international online information and events group has acquired  a 75% stake in the Centre for Investor Education (CIE).

Based in Melbourne, Australia, CIE was founded in 1997 and is a provider of investment forums for senior CIEexecutives of superannuation funds and global asset management firms.  Principal events include the Chief Investment Officers Symposium and the Major Market Players Symposium, both held annually in Australia, as well as the International Investing Symposium which was held in Tokyo earlier this month.  CIE was acquired in 2010 from its founder, Melda Donnelly, by Erling Sorensen and Jamie Nemtsas who have expanded its portfolio of events and will remain shareholders in CIE until December 2015.

The acquisition is expected to be earnings enhancing for Euromoney in financial year 2013. Euromoney has paid an initial A$14.4 million (£9.9 million) cash consideration for a 75% interest in CIE, to be adjusted up or down dependent on CIE’s results for the year to December 2013.  Euromoney will acquire the remaining 25% of CIE’s equity in two instalments based on CIE’s profits for the years to December 2014 and 2015.  The acquisition will be funded from Euromoney’s existing committed borrowing facility.  CIE recorded an unaudited pre-tax profit of A$1.5million (£1.0 million) on revenues of A$4.3 million (£2.9 million) for the year to December 2012.

“We are delighted to acquire CIE,” said Richard Ensor, Chairman of Euromoney.  “Euromoney expects to benefit from the rapid growth of Australia’s asset management industry.  This acquisition of the high-quality CIE business gives us the opportunity to consolidate further our position in this premium segment of the events market.  We look forward to working with Erling Sorensen and Jamie Nemtsas to develop CIE further.”

UK, London & Australia, Melbourne

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Euromoney Institutional Investor to acquire HSBC’s Quantitative Techniques operation

April 4, 2013 — Fusion DigiNet

Euromoney logoEuromoney Institutional Investor PLC is to acquire HSBC’s Quantitative Techniques operation.  QT is the benchmark and calculation agent business of HSBC Bank plc and creates and maintains more than 100 equity and bond indices for HSBC’s Global Markets division as well as over 60 external clients. Terms of the deal have not been disclosed.

Completion of the sale will take place after a transition phase, which is expected to take six months.  Once the transaction has completed, HSBC has agreed to purchase index calculation services from QT for a minimum period of three years.

Euromoney believes the acquisition creates an opportunity to build a new business providing independent index compilation services.  Over more than 40 years Euromoney has built strong relationships with financial institutions which should help expand QT’s customer base and encourage other institutions to engage QT to calculate the indices for their own investable index products.  Euromoney also plans to use QT’s index calculation expertise to develop new index families across other parts of its business.

“We are delighted to acquire the Quantitative Techniques operation from HSBC,” said Richard Ensor, chairman of Euromoney.  “HSBC is a trusted and important partner as well as a key client.  Euromoney looks forward to working with HSBC over the next three years and, it hopes, for many years afterwards to develop the QT business.  This acquisition gives Euromoney the opportunity to establish a significant footprint in the attractive index compilation market.”

UK, London

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Euromoney Institutional Investor acquires Insider Publishing

March 19, 2013 — Fusion DigiNet

Euromoney logoEuromoney Institutional Investor PLC is expanding its insurance and reinsurance business with the acquisition of Insider Publishing Limited.

Euromoney has paid an initial £16.8 million for Insider Publishing, funded from its existing committed borrowing facility.  It expects to make an additional deferred consideration payment in 2015 based on the growth in profits of Insurance Insider from 2012 to the average of the 2013 and 2014 calendar years.  Insider Publishing recorded an unaudited pre-tax profit of £2.1 million on revenues of £4.7 million for the year to December 2012.

Insider Publishing, set up by former Lloyd’s insurance underwriter Peter Hastie in 2000, is a leading information source for the Insurance insiderinternational insurance and reinsurance markets.  Its business model is centred on trusted, premium subscription content served through The Insurance Insider, the non-life insurance and reinsurance online news service, and a number of other specialist titles, all providing senior industry professionals and advisers with insight and intelligence on the London and international insurance and reinsurance markets.  Insider Publishing also runs a series of events including The Insurance Insider Honours awards dinner and the London One Hundredforum for senior executives of the London insurance market.

“We are delighted to acquire Insider Publishing,” said Richard Ensor, chairman of Euromoney. “Euromoney expects the international non-life insurance and reinsurance markets to remain major consumers of business information.  The acquisition gives Euromoney the opportunity to build critical mass in these markets and it will continue to run the two complementary brands, Reactions and The Insurance Insider, side by side.”

UK, London

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PennWell acquires the Oil & Gas Pipeline Conference from Willbros Engineers

March 18, 2013 — Fusion DigiNet

PennwellPennWell Corporation has acquired the Oil & Gas Pipeline Conference from Willbros Engineers and entered into an agreement with the Geospatial Information & Technology Association (GITA) to produce the annual conference and exhibition. The 22nd annual Oil & Gas Pipeline Conference will be held October 28-30, 2013 at the Royal Sonesta Hotel in Houston. Terms of the agreements with Willbros and GITA were not disclosed.

GITA founded the Oil & Gas Pipeline Conference in 1991 and developed the conference into an important technical event for the oil and gas pipeline sector. For the October 2012 Oil & Gas Pipeline Conference, GITA partnered with Willbros Engineers to conduct the event as GITA completed its transition to an all-volunteer organisation. Over 350 industry professionals attended the October 2012 Oil & Gas Pipeline Conference in Houston, which also had 55 exhibitors and sponsors. The annual event includes multiple conferences and networking sessions.

Robert F. Biolchini , president and CEO of PennWell, said, “We are enthusiastic about the opportunity to work with GITA with the goal of rapidly accelerating the growth of the Oil & Gas Pipeline Conference and we also look forward to the ongoing support of Willbros and other sponsors of the event. The pipeline and transportation sectors of the industry are experiencing phenomenal growth due to the resurgence of exploration and drilling in North America, and we intend to leverage PennWell’s publishing assets and event expertise of our editorial staff of the Oil & Gas Journal, Offshore, and Oil & Gas Financial Journal in a close collaboration with GITA to expand the conference and preserve the standard of quality in conference content established by GITA over the last 21 years.”

PennWell’s portfolio of conferences and exhibitions also includes Deep Offshore Technology (DOT), Offshore Middle East, Offshore Asia, Offshore West Africa, PetroWorld India, and Oil Sands Heavy Oil Technologies in Canada. PennWell publishes Oil & Gas Journal.

Tulsa, OK

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