ITE acquires Mining Indaba from Euromoney for £30.1M

October 3, 2018 — Fusion DigiNet

ITE Group plcITE Group is to acquire Mining Indaba from Euromoney Institutional Investor plc in a deal worth £30.1 million on a cash-free, debt-free basis. The acquisition includes an initial cash consideration of £20 million to be paid on completion, with a deferred cash consideration of £10.1 million to be paid in June 2019. The acquisition will be funded from a combination of ITE’s existing cash resources and bank borrowing.

Mining Indaba is a leading event dedicated to bringing together mining and investment experts involved in Africa. The exhibition, held in Cape Town, South Africa, was founded in 1995 and marked its 24th edition in February 2018. The next edition is scheduled for 4–7 February 2019. In the year to 28 February 2018, which encompasses the 2018 event, ITE says Mining Indaba generated sales of £7.2 million (US$9.36 million) and EBITDA of £3.7 million. As at 28 February 2018, Mining Indaba reported gross assets, excluding cash, of £600,000.

ITE chief executive officer Mark Shashoua said, “We are delighted to be able to add Mining Indaba, another well-regarded must-attend event, to our portfolio. This acquisition is consistent with our stated strategy of making disciplined and value-enhancing acquisitions of market-leading events and Mining Indaba is also highly complementary to our AOW exhibition. We believe the acquisition will deliver value for our shareholders and consolidate our position as an organiser of must-attend international industry events.”

UK, London

Related articles:

Posted in Conference/Exhibitions/Events, Content Media, ~Europe. Tags: , , , . Leave a Comment »

ITE to acquire Ascential Events in £300M deal

May 15, 2018 — Fusion DigiNet

ITE GroupITE Group plc has released its interim results and proposed the acquisition of seven event brands from Ascential Events Ltd for £300 million.

The Ascential Exhibitions Business, which organises market-leading exhibitions that bring business communities together to connect and trade, includes two global industry-leading exhibitions brands, Bett and CWIEME, and a number of market-leading UK exhibitions brands such as the Spring and Autumn Fairs and Pure. In the financial year ended 31 December 2017, these brands generated revenues of £77.5 million and EBITDA of £24.0 million.

The move comes as ITE Group releases its interim results, showing the group’s revenues grew at eight per cent on a like-for-like basis, driven by its Transformation and Growth (TAG) programme. For the six months to 31 March 2018 revenue for the group was £75.4m.

Mark Shashoua, CEO of ITE Group plc, said, “These events are well known to us, the acquisition is in line with our product-led acquisition strategy and gives us the benefit of a more balanced portfolio by geography and product. It also adds two more global brands in BETT and CWIEME and is expected to be earnings enhancing in 2019, our first full financial year of ownership. The combination of good progress on TAG and the proposed acquisition of Ascential Events Limited represent the significant steps for ITE in realising its vision of creating the world’s leading portfolio of content-driven, must-attend events that deliver an outstanding experience and ROI for our customers.”

UK, London

Related articles:

Posted in Conference/Exhibitions/Events, Content Media, Publishers, ~Europe. Tags: , , , , . Leave a Comment »

ITE acquires 50% of DUBM in Indonesia

June 11, 2014 — Fusion DigiNet

ITEInternational trade exhibitions and conferences group ITE Group, is acquiring 50% of the shares in PT Debindo Unggul Buana Makmur (“DUBM”) from a group of three private individuals. The acquisition is subject to the approval of the Indonesian Investment Coordinating Board. This is anticipated to be received within two months.

The Sellers, who are the original founders of the business, will retain the remaining 50% of the shares and will continue to manage the business.

DUBM owns the Indobuildtech exhibitions which serve the building and construction industries in Indonesia and the surrounding region. The largest event is held in Jakarta in June each year and is the leading event of its kind in Indonesia. The 2013 exhibition was the 11th edition which sold approximately 12,000m2 net and was attended by over 33,000 professional visitors. The upcoming event opens in the Jakarta Convention Centre on 11th June 2014. In addition, satellite events are held in Surabaya, Bandung, Makassar and Bali.

Commenting on the acquisition, ITE’s Chief Executive Officer, Russell Taylor, said: “Indobuildtech is the leading building exhibition in Indonesia. The addition of this exhibition to ITE’s Build portfolio is consistent with our strategy of building market leading positions in core markets and sectors. The building industry is a growth sector in developing markets and with this complementary acquisition, ITE will leverage its international exhibition expertise to develop further its position and benefit from a strengthened portfolio within this sector.”

UK, London

Related articles:

Posted in Conference/Exhibitions/Events, Content Media, ~Asia, ~Europe. Tags: , , . Leave a Comment »

ITE Group – Annual Financial Report

December 27, 2013 — Fusion DigiNet

ITEInternational trade exhibitions and conferences group ITE Group has published its Annual Financial Report for the year to September 2013. 

The group continued to expand its business in the year through a mixture of organic and acquisition led growth and has now established itself in the Asian exhibition markets through its investments in ABEC in India, Tradelink and ECMI in Malaysia and since the end of the financial year in Sinostar in China.

Good organic growth across ITE’s core portfolios in Russia and the CIS together with a strong biennial performance from the Moscow International Oil and Gas Exhibition have combined with the newly acquired businesses in Asia to deliver record financial and operating results.

In this, the stronger year of its biennial pattern, ITE’s revenues were £192.3 million (2012: £172.3 million) and yielded headline profits before tax of £59.4 million (2012: £53.0 million) and headline diluted earnings per share of 19.3p (2012: 16.9p). Reported pre‑tax profit was £43.9 million (2012: £40.5 million) and fully diluted earnings per share was 14.0p (2012: 12.8p). The Group finished the year with net cash of £23.5 million (2012: £13.0 million), after investing £26.1 million on acquisitions during the year.

Although large events have traded well, much of 2013 growth has come from ITE’s portfolio of medium sized events, often run from the smaller regional offices. This growth in smaller events looks set to continue into 2014, and ITE forecasts economic growth in Russia to be maintained at current levels.

At 30 November revenues booked for 2014 were £106 million, representing circa 55% of market expectations for 2014 revenues. On a like‑for‑like basis revenues are circa 7% ahead of last year.

The recent announcement of the Sinostar joint venture means ITE enters the new financial year with good business prospects in three of the major emerging market economies: Russia, India and China.

Download ITE’s 2013 Annual Financial Report here.

UK, London

Related articles:

Posted in Conference/Exhibitions/Events, Content Media, ~Asia, ~Europe, ~Middle East & Africa. Tags: , , . Leave a Comment »

ITE establishes a presence in China with the creation of Sinostar ITE Ltd

November 18, 2013 — Fusion DigiNet

ITEITE Group‘s wholly owned subsidiary, International Trade and Exhibitions Overseas Ltd, has  established a 50:50 Joint Venture (“Sinostar ITE“), with Hong Kong based Worldcoat Exhibitions Ltd.

As part of the transaction, Sinostar ITE has acquired the ChinaCoat / SF China exhibition from Sinostar International Ltd, a company controlled by Mr Raymond Ho, owner of Worldcoat. ITE’s investment in Sinostar ITE is c. £33m, financed out of the Group’s existing cash and bank facilities and is expected to be earnings enhancing in the current financial year.

The ChinaCoat / SF China exhibition serves the paints, coatings and surface finishing industries in China and the surrounding region. The exhibition is held in November each year and alternates between Shanghai and Guangzhou. The upcoming 2013 exhibition will be held in Shanghai, marking the 26th edition of this event, which is expected to sell more than 35,000m2 net and be attended by over 30,000 professional visitors. The 2012 event, which took place in Guangzhou, was 31,000 m2 net and had more than 28,000 visitors.

Out of the total consideration of c.£33m, c.£30m was paid on completion with the balance payable in June 2014 once Sinostar ITE’s results for the period ended 31 March 2014 are available.  The value of the gross assets being acquired is c. £33m. The total profits generated by the assets acquired by Sinostar ITE in the period ended 31 March 2013 was £6.5m.

The owner of Worldcoat and the current CEO of Sinostar International, Mr Raymond Ho, will become CEO of Sinostar ITE.

ITE’s Chief Executive Officer, Russell Taylor, commented, “ITE has taken an important step in building a business in China. I am delighted that the creation of Sinostar ITE, in partnership with Worldcoat, further increases our business presence in Asia. This move represents progress in achieving the Group’s aims to expand its territorial operations in markets with further potential for growth.

UK, London & Hong Kong

Related articles:

Posted in Conference/Exhibitions/Events, Content Media, ~Asia, ~Europe. Tags: , , . Leave a Comment »