Charterhouse agrees £668m Tarsus take-private

The Tarsus board of directors has unanimously recommended that shareholders agree to the takeover. Charterhouse has obtained irrevocable undertakings and letters of intent to vote in favour of the deal accounting for 41.3% of the issued ordinary share capital in the business.

The proposed transaction values shares in Tarsus at 425 pence apiece, equivalent to an equity value of £561m. It would also give it an enterprise value of 17x its average EBITDA for the 2017 and 2018 financial years. Shareholders will also be entitled to a final dividend payment of 7.7 pence per share related to the company's performance in 2018.

The sale price is a 36.2% premium on the group's closing share price of 312 pence on 23 May 2019, excluding the pre-close dividend. Including the dividend, the deal represents a 50% premium on the business's average share price of 289 pence for the year ending on 23 May.

According to a statement, Charterhouse intends to pursue a buy-and-build strategy for the company, with the GP identifying consolidation opportunities in the global exhibitions market. The GP is currently investing from Charterhouse Capital Partners X, which held a final close on €2.3bn in 2016.

Founded in 1998, Dublin-headquartered Tarsus is a B2B publishing and events company. The business operates across Europe, the Middle East, Asia, Africa and the Americas. It focuses on the aviation, medical, labels and packaging, travel, homeware and automotive sectors, and operates brands including LabelExpo, Connect, Gulf Educational Supplies & Solutions, Brand Print, Dubai Airshow, Zuchex and Ideal Homex. The group has additional offices in London, Jakarta, Milwaukee, Atlanta, Dubai, Shanghai, Istanbul and Boca Raton, Florida.

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