Canadian PE acquires Nielsen’s exhibition unit

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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Tarsus Group plc to acquire 51% of Indonesian exhibition organiser PT Infrastructure Asia

TarsusB2B media group Tarsus Group plc is to acquire 51% of Indonesian exhibition organiser PT Infrastructure Asia (PTIA) from PT Event Pro International. The founders and the existing management will continue to run the business post acquisition. The acquisition is expected to complete in the first quarter of 2013. The Consideration will be met from Tarsus’s existing cash resources. Terms of the deal were not disclosed.

Tarsus will pay an initial cash consideration on completion of $0.5 million for the 51% interest, with estimated total deferred payments of approximately $2.4 million in aggregate during 2014 and 2015.

Tarsus and the PT Event Pro International have conditional put and call options at various points in 2016 and 2017 in respect of the outstanding 49% shareholding in PTIA. The total consideration for 100% of PTIA has been capped at US$23 million.

PTIA currently owns and organises three annual business-to-business exhibitions and one seminar series in Indonesia:

  • IIICE, focused on the development of Indonesia’s infrastructure;
  • IFTS, a series of infrastructure related seminars, that support IIICE;
  • ITMIT, a new launch in November 2013 which will co-locate with IIICE and focus on the Telecommunications, Media and IT sectors; and
  • APSDEX, an event for the security and defence industry.

Douglas Emslie, Tarsus Group Managing Director, said, “PTIA is an excellent fit with our strategic objective of quickening the pace of our earnings by investing in fast growth markets. PTIA has the leading events serving the Indonesian infrastructure sector, which is earmarked to receive an unprecedented $243 billion of investment by 2025.”

UK, London & Indonesia, Jakarta

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Advanstar Global acquires ENK International

Advanstar Global LLC, an events and information services company that also owns Advanstar Communications, has acquired ENK International LLC. ENK arranges fashion events that features Fashion Coterie, Intermezzo, and Accessory Circuit in New York, Las Vegas, Europe and Asia. ENK and Advanstar Communications will be operated separately.

The acquisition is a major addition to Advanstar Global’s global portfolio, which already contains MAGIC, PROJECT, FN Platform, Licensing International, other tradeshows, conferences, and events. Advanstar Global’s financial sponsors include Anchorage Capital Group LLC, Ares Management LLC, and Veronis Suhler Stevenson.

Advanstar Global’s CEO, Joe Loggia, stated, “Having ENK, MAGIC and PROJECT within the same family of companies provides the fashion industry a choice of intimate and customized environments that satisfy their market needs. This allows us to be more responsive to our customers as we work to coordinate dates and venues, which makes the process more valuable for exhibitors and retailers. Moreover, Advanstar Global has made significant investments in new technology that will enable our company to further drive value, service and solutions across the entire fashion marketplace.”

USA, Wilmington, DE