NVM Private Equity is investing £7 million (€9 million; $12 million) in CloserStill Holdings, a business that acquires mid-sized companies working in the events and exhibitions industry.
The investment will include an initial £4 million investment and an additional £3 million to be used to fund acquisitions, according to a statement from NVM. CloserStill’s goal is to buy 10 companies in the next three years.
CloserStill was founded by the former management of Ithaca Business Media, a business-to-business exhibition, events and media group. NVM acquired Ithaca Business Media in 2005 through a management buyout, and sold the company in September 2007 for £14.25 million.
CloserStill was formed to take advantage of the “appetite” among major media groups to buy mid-sized exhibition businesses, according to a statement from NVM. The management team of CloserStill will consist of Andy Center, chief executive officer; Phil Soar, non-executive chairman and Phil Nelson and Michael Westcott, who headed up Ithaca’s flagship exhibitions, Internet World and Leisure Industry Week, respectively.
NVM is a UK-based private equity firm that makes equity investments of between £2 million and £10 million. The firm manages more than £200 million of funds. The firm is employee-owned following a management buyout from the Aberdeen Group in 2003.
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