Event show organiser Hyve Group, which includes Spring Fair and its sister show Autumn Fair among its roster of trade shows, is being bought by a major US private equity investor.
The deal is still subject to shareholder approval, but directors at the company and one of its major shareholders are minded to accept the offer and recommending it goes ahead. If it is ratified, it is expected to be completed by May.
The buyer, the Rhode Island-based Providence Equity Partners, is a major media owner andd includes other trade and event show companies in its portfolio as well as giants such as Warner Music Group.
“The board believes the offer represents value for shareholders and that Providence, with their knowledge of the sector and belief in the business and management team, will be a good partner for Hyve,” said Richard Last, chair of Hyve. “I would like to take this opportunity to recognize the exceptional contribution of our people, whose commitment and hard work have fundamentally changed Hyve for the better and place us at the forefront of our industry.”
Providence said it would give the group the capital to expand and acquire other businesses, enabling it to realise its “full growth potential”.
In a statement officials said: “Providence believes that Hyve has established a strong platform for future organic and inorganic growth underpinned by Hyve’s portfolio of high-quality global brands and market-leading events focused on developed markets and in growing sectors.”