Kerman & Co LLP acted for CloserStill Holdings Limited (“CloserStill”) in the investment by NVM Private Equity Limited (“NVM”) of £7 million in CloserStill’s buy and build strategy.
The business of CloserStill, formed from the ex-management team at Ithaca Business Media (“Ithaca”), has been created to capitalise on the appetite within the events industry to purchase mid-sized exhibitions and event businesses. The deal represents NVM’s commitment to on-going support of experienced management teams with strong track records.
NVM acquired Ithaca, a business-to-business exhibition, events and media group, in April 2005, via a management buyout in which Kerman & Co LLP acted for the management team. Kerman & Co LLP also acted on the sale of the business in September 2007 to United Business Media for £14.25 million, earning an IRR of more than 60% per annum.
Andy Center and three senior colleagues from the original MBO team at Ithaca will be running the new company and its buy and build strategy.
CloserStill envisage making up to ten acquisitions focused on three growth sectors during the next three years and as a first step in that strategy it has recently acquired Pioneer Global Media Limited and Healthcare Trade Shows Limited (“Pioneer & Healthcare”).
The Kerman & Co LLP team was led by Daniel O’Connell and Keith Dempster and assisted by Veoeani Krishna and Yvonne Donaghey. NVM was represented by Wragge and Co LLP and Pioneer & Healthcare were represented by BPE Solicitors LLP.
