29 May 2012
NVM Private Equity exits CloserStill
NVM Private Equity (NVM) announces that it has partially sold CloserStill Holdings, a business-to-business exhibition and events organiser, to Phoenix Private Equity for c£25 million. The sale has generated excellent returns of 3.2x money multiple and an Internal Rate of Return (IRR) of 38% on NVM’s original investment of £4 million. NVM retains 10% equity stake in the business.
The existing management team of CloserStill is led by Andy Center (CEO), who is supported by Phil Soar (Chairman), Phil Nelson and Michael Westcott. NVM has worked alongside Andy Center and his team for six years during the initial management buy-out and subsequent sale of Ithaca in 2007, through to the launch of CloserStill Media in 2008 and Closer2 in 2011. Its continued involvement in CloserStill demonstrates an ongoing commitment to support an experienced management team with a strong track record.
CloserStill has built the business from £0 million to a target £3 million EBITDA since inception. Growth has been substantial over the last three years, both in its organic business and acquired brands. The company has a portfolio of ten major exhibitions in the UK, principally in the healthcare and technology sectors, including the London Vet Show, the Pharmacy Show, Learning Technologies, nextgen, and the recently launched, Clinical Pharmacy Congress. The company has just announced its first international event, France Vet, which takes place in Paris next year. Half of its portfolio of exhibitions have, or are expected to, generate a turnover of more than £1 million. All exhibitions have achieved strong growth, with an increase in the number of exhibitors, visitors and floor space.
Andy Center, CEO of CloserStill:
“It’s been a brilliant journey and huge fun so far with our friends at NVM and with a team of people here that can move mountains. Phoenix has an enviable pedigree and, with their backing, we can now paint our pictures on even bigger canvasses – the adventure continues.”
Peter Hodson, Director of NVM:
“We have really enjoyed working with the CloserStill management team during the last six years; so much so, we were keen to roll over and be part of the journey in the next phase of the company’s growth, alongside Phoenix.”
Notes to editors
NVM Private Equity Limited (NVM)
is independently owned with over 27 years’ experience of investing in unquoted UK businesses. NVM is a generalist investor, managing over £200 million of funds, and is differentiated by having executives living and working in regional business communities throughout the UK. NVM seeks investment opportunities in UK businesses which have the right mix of growth potential and market vision. They may be looking to grow organically, acquire another business or secure a management buy-out. Typically, NVM looks to invest between £2 million and £10 million in each transaction. www.nvm.co.uk
For further information please contact: NVM