Apiary invests in Roar Techmedia

This is the fourth investment from Apiary's debut fund, which closed on £200m in 2018. The firm invests in companies in the education, healthcare, business support services and technology sectors with enterprise values of £10-50m.

Unquote understands that Apiary's entry multiple for the company was 6-8x EBITDA.

The company's management team and founders have also retained a stake, with the current management team staying on to lead Roar Techmedia.

The investment has been used to acquire a portfolio of trade sector events from Bristol-based Prysm Media Group, including recycling and waste management trade show RWM, disability and home care event Naidex, Call & Contact Centre Expo, and marketing event B2B Marketing Expo.

Partner Dan Adler said: "We are a buy-and-build investor so we do expect to acquire more trade events in the future, but we will also invest to build the portfolio organically."

Adler will take a seat on the company's board with a second Apiary team member also taking a seat. With regard to financing, Adler told Unquote the GP expects to bring in a debt provider in the next year.

Company
Based in London, Roar Techmedia is a trade events and exhibitions owner and operator. Founded in 2019, the company employs 60 people following the acquisition of a portfolio of trade events from Prysm Media. The company has revenues of around £12m.

People
Apiary Capital – Dan Adler (partner).

Advisers
Equity – Browne Jacobson, Mark Hughes, Sam Sharp, Victoria Hustler (corporate finance); Livingstone Partners (corporate finance); PwC (financial due diligence); Armstrong (commercial due diligence).

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