US-based Searchlight Capital Partners which, in partnership with Providence Equity Partners, acquired global events business Hyve Group plc in June 2023 for around £524m, has made a major investment in exhibition organiser CloserStill Media, taking joint control of the business alongside existing investor Providence Equity Partners.
Providence Equity Partners acquired a majority stake in the event organiser in 2018 for £340m and is to remain a co-controlling shareholder with Searchlight following the transaction. Financial terms of the new investment have not been disclosed, although analysts had speculated that a deal around £1.2bn-£1.3bn was on the cards.
Apax Partners was thought to be in the bid running, a sign of keen investor interest in large-scale events platforms.
CloserStill Media, founded in 2008 and headquartered in London, runs an events portfolio serving sectors including healthcare, technology and infrastructure. Trade shows include the London Vet Show, Cloud Expo Europe, Data Centre World, The Pharmacy Show, and The Dentistry Show. Its evens attracted over 500m visitor in 2024. CloserStill reported an EBITDA of £62.2m in 2024 according to Companies House.
It is thought that the auction for CloserStill has been running for a few months and the sale of part of the business to Searchlight is likely to represent a substantial increase in value over the 2018 price paid by Providence.
Gareth Bowhill, group CEO of CloserStill Media, said: “We are incredibly excited to embark on this next chapter in CloserStill’s evolution. We believe partnering with two experienced B2B event investors in Searchlight and Providence, who share our vision and ambition, positions us strongly to accelerate our growth and unlock new opportunities. Together, we look forward to delivering even greater impact for our customers, exhibitors and partners, and to continuing to operate as a leading events provider.”
James Redmayne, partner and head of European Private Equity at Searchlight Capital Partners, said: “CloserStill is one of the leading global platforms in B2B events — a sector we know well and have high conviction in. The strongest franchises in this space are built on premium content and engaged communities with real network effects. We believe CloserStill is exactly that kind of business. Decision-makers come back to its events year after year because of the right people, content, and quality conversations. That consistent and demonstrable customer ROI is what underpins the quality of the franchise. We are thrilled to be partnering with Providence, Gareth and his team to help drive the next phase of CloserStill’s growth.”
Andrew Tisdale, vice-chairman at Providence Equity Partners, commented: “CloserStill has demonstrated a fantastic combination of strong organic and inorganic growth under our ownership, growing significantly since our investment in 2018 to become one of the leading B2B events platforms. During this time, we have supported its M&A strategy, enabling it to acquire and scale leading events across its core industries, while also expanding into high growth adjacent areas such as digitally enabled one-to-one meetings and roundtables. We continue to see meaningful opportunities for further value creation, including growing the existing portfolio, launching new events and scaling its digital capabilities. We look forward to partnering with Searchlight to support the next phase of CloserStill’s development.”
The deal with Searchlight is subject still to regulatory approvals.
Source: www.exhibitionworld.co.uk
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