Funds advised by Providence Equity Partners (“Providence”) have signed an agreement to invest in CloserStill Media (“CloserStill”), one of the world’s leading independent organisers of trade shows and events. Providence agreed to acquire a majority stake from Inflexion Private Equity (“Inflexion”), NVM Private Equity (“NVM”) and management. Phil Soar and Phil Nelson, co-founders of CloserStill, as well as the broader management team, will remain major shareholders alongside Providence. Financial terms of the transaction were not disclosed.
CloserStill is a fast-growing exhibitions business, operating an award-winning portfolio of global brands in the technology, learning and healthcare sectors. Flagship events include the London Vet Show, Cloud Expo Asia, Data Centre World, The Pharmacy Show, Learning Technologies and The Dentistry Show. The company has achieved significant organic and inorganic growth, with eleven acquisitions completed in the last three years. Today, CloserStill has a team of over 270 employees across a global network of offices in London, Paris, New York, California, Berlin, Singapore and Hong Kong.
Philip Soar, Chairman & CEO of CloserStill, said: “Over the past ten years we have worked diligently to develop a best-in-class team that has driven our remarkable growth. Our business has also benefited from the expertise provided by Inflexion and NVM and we appreciate their significant contributions in the last three years. CloserStill now has a roster of the best attended and largest events focused on the high-value technology and healthcare sectors globally. We are excited to partner with Providence, who we have known for some time, and who have extensive experience in our industry and a superb track record in supporting growth businesses.”
Phil Nelson, Commercial Director and co-founder of CloserStill, said: “Since founding the business in 2008, we have been fortunate to expand within our attractive sector verticals and I am thrilled with the results made possible by the dedication and creativity of our colleagues. I really look forward to the next chapterof our growth.”
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.”
CloserStill was advised by Addleshaw Goddard LLP and DC Advisory on the legal and financial aspects, respectively. Weil, Gotshal & Manges LLP served as legal advisor to Providence and LionTree Advisors as financial advisor.