Expomedia makes Homebuyer acquisition
The AIM-listed events company continues on its acquisitions trail
AIM-listed Expomedia has continued its buying spree with the purchase of Homebuyer Events in a deal worth £16m.
This is the third acquisition in a month for Expomedia which has also bought specialist cuisine company World Food Market, Russian conference organiser BBPG and the consumer focused Spa Shows Ltd.
It’s latest purchase was founded in 1989 and runs exhibitions, such as The Property Investor Show, in major cities across the UK. It amassed turnover in excess of £5m last year and pre-tax profits of £223,000 and is headed by managing director Nick Clark.
The deal is for an initial consideration £9.1m with a further £6.9m deferred over the next three years subject to performance.
Clark said: “For some time we have wanted to take our products and brand overseas, particularly to emerging markets, but were very conscious of the requirement for local representation and infrastructure.
“The agreement with Expomedia offers us instant local access to the many countries they service, which will not only deliver additional inbound business to the UK events but will give us the platform and personnel to run new, indigenous events.”
Mark Shashoua, chief executive of Expomedia, said: “Homebuyer Events Ltd is the Group’s largest acquisition to date and is the leading brand in its industry sector.
“Due to the international base of the exhibition, we believe that these shows will be the foundation from which we can clone the shows into our core territories of Russia, India and Germany.”
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