Events group CloserStill’s owner picks banks for £1bn sale

The owners of one of Britain’s biggest trade show operators has picked bankers to oversee a sale next year which could fetch well over £1bn.

Sky News has learnt that Providence Equity Partners, which has backed CloserStill Media since 2018, has hired Jefferies and The Raine Group to orchestrate talks with potential buyers.

City sources said this weekend that CloserStill’s earnings trajectory meant that £1bn was likely to be the minimum price tag offered by prospective new owners of the business.

The company operates more than 200 specialist events, in sectors including healthcare and technology.

In September, it acquired Billington Cybersecurity, an operator of shows in the US.

CloserStill’s performance has, like many of its peers, rebounded since the nadir of the Covid pandemic, when many conference organisers feared for their survival.

Alongside Searchlight, another private equity firm, Providence also owns Hyve, another major events organiser.

Other players in the sector include Clarion, which is owned by Blackstone and which conducted an aborted sale process earlier this year.

Bidders for CloserStill are expected to include trade rivals and other financial investors.

Providence has been contacted for comment.