Blackstone backed-Clarion acquires Global Sources

Blackstone will be the majority shareholder in the new group, which will organise 200 events per year and generate revenues of more than £300m.

The group will be led by the existing Clarion management team and will operate under the name Clarion Events, although the Global Sources brand identity will be retained in Asia.

Blackstone acquired London-based Clarion from Providence Equity Partners in July 2017 for an enterprise value of around £600m.

Last week the GP backed the bolt-on of Waterland Private Equity's Berlin-based events business Premium Group.

Debt
Clarion issued a $190m incremental term loan B arranged by HSBC, Natixis, Societe Generale and Natwest to finance the acquisition and pay a dividend to incumbent sponsor Blackstone, according to Unquote sister publication Debtwire. 

Company
Global Sources was founded in 1970 by Merle Hinrich. It was originally known as Asian Sources and was rebranded to Global Sources in 1999. The company reported an operating profit of $16.3m from revenues of $158m for 2016. Its main business is exhibitions, trade shows and seminars for companies in a range of sectors. It also provides media and marketing services.

People
Blackstone – Lionel Assant (head of European PE).
Clarion Events – Russel Wilcox (CEO).

• Tweet  
• Facebook  
• LinkedIn  
• Google plus  
• Send to  

• Topics
• Portfolio management
• Support services
• UK / Ireland
• Blackstone Group
• United Kingdom
• Build-up
• Natixis