Providence acquires CloserStill Media for £340M

Providence EquityFollowing our earlier report, Providence Equity Partners has now acquired CloserStill Media, the previous owner of Clarion Events, for a reported £340 million.

The move comes after years of significant growth for the organiser, which was valued at £25 million in 2012 when Phoenix Private Equity bought into the company and £125 million in 2015 when Inflexion bought a minority stake.

Since the Inflexion investment in 2015 the organiser has made eight acquisitions – five in 2017 and three in 2018 – but CloserStill Chairman and CEO Phil Soar highlighted that the majority of the company’s growth has been organic. Much of the growth has come from the geo-cloning of successful shows in Asia, Germany and the US, with the launch of events such as Cloud Asia, Learning Technologies Germany and New York Vet.

In 2011 Providence acquired George Little Management in the US, which was then sold to Emerald Expositions in early 2014. In 2017 the company sold Clarion Events to Blackstone for a reported £600 million.

Andrew Tisdale, Managing Director at Providence, said, “CloserStill is an exceptional business led by a strong management team with a proven track record of developing and acquiring successful events around the world. With a compelling global portfolio and diverse customer base across the technology, learning and healthcare sectors, CloserStill is well-positioned to accelerate the momentum the business has generated to date. We are excited to partner with such a fantastic team and look forward to working together.”

USA, Providence, RI & UK, London

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UBM acquires Expomed and live healthcare events in Latin America

UBMUBM has acquired annual healthcare exhibition ExpoMed from LIVEMED in Mexico and Live Healthcare in Brazil from founders Dr. Vitor Assentuno and Dr. Raphael Gordilho. The terms of the transactions were not disclosed.

ExpoMed connects vendors of medical equipment to buyers and executives from private and public hospitals, clinics and distributors. Held each June in Mexico City, the show is considered the must-attend healthcare event in Mexico. The most recent edition of ExpoMed took place 6-8 June 2018 at the World Trade Center Mexico City, where it drew in more than 8,000 buyers and 342 exhibition companies spanning a more than 44,000 square foot showfloor.

Based in Brazil, Live Healthcare is an event platform that connects major healthcare players to inspire industry change and empower leaders. Live brings with it the Saude Business Forum, which focuses on executive networking and one-on-one meetings for healthcare CEOs and innovative vendors, as well as the Healthcare Innovation Show, a technology and innovation exhibition attended by senior healthcare executives. Live also runs the healthcare portal saudebusiness.com, which drives database and community engagement for the events.

Scott Schulman, CEO of UBM Americas, said, “Healthcare is a strategic vertical for UBM Americas, particularly in Mexico and Brazil, where public and private healthcare spending and service markets are growing rapidly. With ExpoMed’s leading position in Mexico and Live Healthcare’s complementary fit with UBM Brazil’s existing Hospitalar event, we are confident that these two bolt-on acquisitions will greatly contribute to the long-term growth of our healthcare portfolio – and our position as a leader in the Latin America healthcare market.”

Jaime Salazar Figueroa, director general and managing director of UBM México, said, “ExpoMed is by far the largest healthcare event in Mexico and adds another market-leading brand to our portfolio. The acquisition gives us the opportunity to serve the second-largest medical device market in Latin America and to pursue synergies with our healthcare portfolio in Brazil.”

UK, London, Mexico, Mexico City & Brasil, Sao Paulo

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LexisNexis acquires Enclarity

enclarityLexisNexis Risk Solutions has acquired Enclarity, a health care provider data and information solutions company.

LexisNexis will add Enclarity’s health care provider data to its existing analytics platforms and workflows. The acquisition follows the transfer of clinical-analytics-focused MEDai into LexisNexis Risk Solutions from LexisNexis sister company Elsevier in July 2013 and the autumn 2012 purchase of EDIWatch, a provider of fraud, waste and abuse technology solutions.

“This acquisition demonstrates our continued commitment to helping health care organizations address cost-containment head-on by improving effectiveness and efficiencies, applying clinical analytics and reducing costs and offering greater identity transparency,” said Lee Rivas, CEO Public Sector and Health Care.

The terms of the deal were not disclosed.

USA, Georgia, GA

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Health Media Network acquires WAMG TV

hmnHealth Media Network, the digital point-of-care media company has acquired WAMG TV’s (Waiting Area Media Group) digital screens. Terms of the deal were not disclosed.

Launched in 2007, Health Media Network, provides education and health content in physician waiting rooms through 23 specialty health television networks. The content is customised by medical specialty providing physicians with programming tailored to their practice and relevant to their patient-base. HMN currently reaches around 30,000 physicians in medical offices, hospitals and healthcare systems in the USA.

“This investment represents an important opportunity for HMN by increasing our presence in Diabetes, Cardiology and Primary Care where WAMG had focused their growth ” says Christopher Culver, President and CEO of HMN. “We look forward to offering existing and new advertisers an increased opportunity to reach more consumers at a critical time — at the point-of-care.”

USA, Stamford, CN

Decision Resources Group Acquires Abacus International

decision-resources-printDecision Resources Group, a subsidiary of Piramal Enterprises Ltd. announced on 4th December its acquisition of Abacus International, a UK based provider of evidence-based global market access solutions for many healthcare companies worldwide. Abacus will become part of the Market Access Business Unit at Decision Resources Group which currently includes the brands: Fingertip Formulary, HealthLeaders-InterStudy, PharmaStrat and Pinsonault. The terms of the deal were not disclosed.

Founded in 1995, Abacus has experience “across a wide range of disease areas,” providing services to its healthcare (many of which pharmaceutical) clients at all stages of their product life cycles including analysis of clinical evidence, development of technical health economic models and pricing input amongst others. With over 55 staff, Abacus is one of the largest independent health economic consultancies in Europe. The firm also offers software solutions in the form of in-house produced web and mobile applications.

Abacus states on its website that its current management team will remain in place and that it will “continue to deliver its services as normal.” The firm will also remain headquartered in Bicester, UK.

Peter Hoenigsberg, CEO of Decision Resources Group said “Abacus is an important acquisition in Decision Resources Group’s overall strategy to expand our market access capabilities and offer our clients the most innovative, high-value advisory solutions.” He continued “It also serves to boost our position in Europe as an important resource for healthcare firms worldwide.” The firm’s press release for the acquisition states that  “The acquisition is part of Decision Resources Group’s overall strategy to acquire and/or build leading brands that can leverage each other’s thought leadership to create meaningful products and services for the healthcare industry.” View the press release here.

US, Massachusetts & UK, Bicester

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Creston acquires DJM Digital Solutions

Creston plc has acquired 75 per cent of the share capital of DJM Digital Solutions Ltd, a UK-based digital healthcare agency for up to £1.8 million. DJM’s founder, Dominic Marchant who will remain as Managing Director.

£1.2 million is being paid in cash. Net current assets of £0.3 million is retained within DJM. There will be a final cash payment based on average profit to March 2015 of up to £1.8 million which will be payable in June 2015. From April 2018 onwards the minority shareholders in DJM will have a request to put option and from April 2020 onwards Creston will have a call option, both options are for the remaining 25 per cent of DJM for a maximum consideration of £2.4 million.

For the financial year ended 31 July 2012, DJM’s unaudited statutory accounts reported revenues of £0.6 million and a pro-forma profit before taxation of £0.2 million, including a normalised shareholder Managing Director salary. As at 31 July 2012 DJM had net assets of £0.5 million.

Creston’s Health division and DJM have had a successful trading relationship for the past year and already have many clients in common (including AstraZeneca, Abbott and Takeda) at a UK, European and global level.  Recent collaborations between DJM and Creston Health have already led to new client work with Leo Pharma, UCB and Pfizer.

Based in Richmond, Surrey, and founded in 2001 with the aim of creating digital technology solutions for the healthcare and pharmaceutical industries, DJM employs 26 professionals with a broad spectrum of capabilities.

Commenting on the acquisition, Don Elgie, Group Chief Executive of Creston plc, said: “The healthcare industry has historically been very cautious about the use of digital marketing in light of the tight regulatory environment in which it operates. However, the rapid uptake of smartphones and tablets among physicians is revolutionising work practices and the pharmaceutical industry is having to adapt its marketing communications accordingly.

“In the UK, in an industry where digital has been adopted quite late compared to other business sectors, DJM is one of the largest and most respected independent digital healthcare agencies. Working with our other health companies, as part of Creston Health, we are confident that DJM will facilitate the continued growth of the division as digital becomes an ever-more significant element of our clients’ and prospective clients’ briefs.”

UK, London & Richmond, Surrey