UK - NVM invests £7m to back buy-and-build of CloserStill

CloserStill, which was established in March 2008, will seek to make up to ten acquisitions over the next three years in an attempt to capitalise on strong appetite from major media groups for mid-sized exhibitions and event businesses. NVM is supporting the business with an initial investment of £4m, with the remaining £3m to be drawn down to fund the acquisitions.

NVM is backing the previous management team of Ithaca Business Media, the business-to-business exhibition, events and media group it acquired in April 2005. Ithaca was successfully sold to United Business Media for £14.25m in September 2007 in a deal that represented an annual IRR of 60% over the course of the investment.

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• Topics
• Expansion
• UK / Ireland
• Media