Hyve has announced its acquisition by funds advised by Providence Equity Partners and Searchlight Capital Partners.
The exhibition organiser said it marked a significant milestone for Hyve, providing strategic support and positioning the company for accelerated growth.
Providence is a private equity firm specialising in growth-oriented investments in media, communications, education and technology. Searchlight is a global private investment firm known for its flexible approach to value creation and its deep industry knowledge, specifically in the communications, media and financial and business services sectors. With their combined expertise and resources, Providence and Searchlight will provide strong support to Hyve, as it pursues its ongoing strategy to redefine events for future generations, Hyve said in a statement.
Hyve CEO Mark Shashoua
Hyve CEO Mark Shashoua expressed his optimism for the new ownership, saying; “We are delighted to embark on this new and exciting chapter in Hyve’s journey with two investors who support our vision and strategy. The acquisition provides Hyve with increased opportunities for growth and evolution and will allow us to deliver ever-more game changing impact for our customers, exhibitors, and partners.”
“We believe Hyve is an outstanding business with a strong platform underpinned by high-quality brands and events,” said Andrew Tisdale, senior managing director of Providence Equity Partners. “We look forward to leveraging Providence’s knowledge and experience investing in the events industry, as well as our capital resources and partnership with Searchlight, to support Mark and his team in pursuing Hyve’s full growth potential, including by enhancing its market-leading events portfolio, accelerating its digital initiatives and omnichannel investment strategy, and through value-enhancing acquisitions.”
James Redmayne, Partner at Searchlight, added: “We are looking forward to partnering with Mark and his hugely talented team, alongside Providence, as we embark on the exciting next chapter of Hyve’s journey. The company’s incredible transformation in recent years has established it as an industry leader, with a well-balanced portfolio of leading global events, which provide Hyve’s customer communities with the highest quality opportunities to network and trade. We look forward to fulfilling our promise of being a supportive shareholder and helping the team deliver on its wide range of compelling organic and acquisitive growth plans.”
In light of the acquisition, the existing board of Hyve has stepped down.
Read more:
Shareholders vote in favour of Hyve acquisition
Providence Equity increases offer for Hyve Group by 12%
Top Hyve stakeholders to reject Providence offer
Hyve Group to be acquired by Providence Equity Partners in £481m deal
HyveProvidence Equity LlpSearchlight Equity Partners
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