Spring & Autumn Fair owner Hyve Group is being sold to an American private equity firm, with the news of the sale causing shares in the events organiser to jump more than 12% after it came to light yesterday, 15 March.
According to The Guardian, which broke the news, Providence Equity Partners has agreed to a buyout deal, paying 108p for each share, which values the business at £481million after two previous offers at 101p and 105p were rejected by Hyve.
Hyve chairman Richard Last told the newspaper: “The board believes the offer represents value for shareholders and that Providence, with their knowledge of the sector and belief in the business and management team, will be a good partner for Hyve.”
Providence Equity was founded by Jonathan Nelson in 1989, and he now serves as executive chairman at the firm which has invested over £26.5billion ($32bn) in more than 170 companies.
It said it would support London-based Hyve, which currently organises 33 in-person events such as Spring Fair last month and Autumn Fair in September, across 11 countries and employs more than 600 people in 10 offices, by providing the capital for expansion and acquisitions to help it realise its “full growth potential”.