Situation Overview:
The sole owner of a successful and rapidly growing, privately-owned developer of conferences and seminars focused on renewable energy, was looking to sell the business.
Our Client:
• Based in Woodland Hills, California, Information Forecast, Inc. (https://infocastinc.com/) (“Infocast”), is a market leading organizer of events focused on renewable energy.
• For more than 30 years, Infocast has organized conferences providing up-to-the minute information for active market professionals from some of America’s most dynamic industries. Their carefully curated events, which take place across the U.S., attract sought-after speakers, policy-makers, senior executives, and industry leaders who offer valuable business and industry insights, dealmaking opportunities, and networking opportunities. Infocast produces 15+ events annually, including its flagship event, Solar & Wind Finance & Investment, which is highly regarded as the pre-eminent renewable energy investment conference in North America.
• Founder and CEO, Mr. William Meyer, had no internal succession plan so he decided to sell the business.
The Goal:
• Maximize the value for the Company while ensuring the future success of the business by selling it to a strong future owner in a highly confidential process.
• Conduct a formal sale process soliciting interest from multiple strategic and financial buyers simultaneously.
The Outcome:
• The assets of Infocast were successfully sold to Clarion Events, Inc. (https://us.clarionevents.com/) (“Clarion”), the U.S. division of Clarion Events, UK, a portfolio company of The Blackstone Group (https://www.blackstone.com/).
• Clarion acquired Infocast to enhance its portfolio of events in the dynamic renewable energy sector, complement Clarion’s robust U.S. presence and grow Infocast’s business by adding tradeshows to its complementary portfolio of conferences.
• Soon after the transaction was completed, Blackstone announced it had engaged Goldman Sachs to sell Clarion, which was originally acquired by Blackstone seven years earlier in 2017 for $750 million.
• According to strategy consulting firm Stax, Clarion is the third-largest exhibition organizer by 2023 revenues. The company posted revenues of $561 million (£433 million) in 2023, up from $333 million (£257 million) in 2022. Its pre-tax operating profit of $91.5 million (£70.6m) was a significant improvement after losing money in 2022.
• Blackstone acquired Clarion Events in 2017 for $750 million and believes it can be sold for at least $1.5 billion. It has supported Clarion’s customer-centric approach through multiple acquisitions, launches, and a culture that embraces digital and data-driven strategies.
• Clarion supports a portfolio of 125 events and brands. Markets include retail and home, gaming, defense and security, technology and energy. Recently-acquired Infocast will be part of its North American arm. North America and Asia were each responsible for 30% of its revenue last year. Europe accounted for 40%. The company was founded in 1947 and has expanded to include fifty offices in twelve countries and 2,000 global employees.
• William Meyer, Founder & CEO of Infocast said “We are excited to join the Clarion Events North America portfolio. Their dedication to the customers and industries they serve, alongside their culture of customer centricity and innovation, align with our business focus. We look forward to the opportunities this acquisition will bring.”
• He added, “we would also like to thank our investment banking firm, Calabasas Capital led by Managing Director David Bonrouhi, who worked tirelessly to get us a strong deal, and who helped us master the countless details and complexities of the process.”
