Blackstone begins sale of Clarion Events

Blackstone bought Clarion in 2017 for 600 million pounds ($802 million). The company organizes international trade shows in sectors such as gaming, electronics, energy and defense, and has received Blackstone’s support during the COVID-19 crisis as it has seen a sharp drop in revenue.

Earlier this month, Blackstone sent out sales materials that have attracted interest from several investment firms, including CVC, KKR, PAI Partners and Ardian, the sources said. Hillhouse Investment, an Asia-based private equity firm, is also said to be interested in Clarion because of its presence in China’s trade show market through Global Sources.

The company is valued at around £2bn, about 12 times its EBITDA, one source said. Reuters reported last year that Blackstone had already begun considering strategic options for Clarion.

Representatives for Blackstone, Clarion and interested parties declined to comment or did not respond to requests for comment.

If the deal goes through, it would be one of the largest private equity deals since global dealmaking fell to a two-decade low, largely due to uncertainty over former US President Donald Trump’s tariff policies.

Blackstone is said to be waiting for more stable economic conditions and greater clarity on tariffs before launching the sale process. Clarion, in its first-half financial report for the 2024-2025 fiscal year, focused on controlling costs and optimizing cash flow, and its liquidity was above expectations.

However, the sources noted that the sale was not yet guaranteed. The recent improvement in investor sentiment – ​​following a temporary reduction in tariffs between the US and China – has helped boost stock markets in Europe and the US.

Clarion, known for events such as the London International Horse Show, has reported strong revenue growth – £432.9m in the 12 months to January 2024, up from £257m a year earlier, thanks to recovery in markets such as China and Hong Kong.