In 2018, Mike Seaman launched his Raccoon Media Group, in the UK, with The National Running Show. He had previously spent 20 years in London-based events companies including Clarion, UBM and Centaur before going it alone from his garden shed with a couple of friends and no capital. Then, he met Tarsus Group CEO-founder Douglas Emslie (like Seaman, a mad-keen runner) who personally invested in the company.
In 2023, Emslie became the majority owner through his trade show investment vehicle Cuil Bay Capital, after Tarsus had been acquired by Informa. According to Seaman: “We sealed the deal while running 96 miles together on the West Highland Way (in Scotland).”
He said at the time that Emslie’s takeover marked a step-change for Raccoon which had evolved “from a personal dream to a business that employs 33 people, delivers 10 events per year and operates in the US and UK.” It was focused on “helping people lead happy, healthy lives”.
But that was just the start.
A strategy to internationalise the B2B and B2C events company has included the following acquisitions and launches of the last two years, in its three chosen geographies:
- US: Acquired the 46-year-old Abilities Expo and its seven events, providing solutions for disabled people. The deal augmented Raccoon’s US portfolio of Snowbound Expo, The Boston Run Show and The Boston Outdoor Expo.
- UK/EU: Acquired the 16-year-old PATS (Pets & Aquatics Trade Show) and the equestrian trade show BETA International, creating Raccoon’s Animal Health division, alongside its National Equine Show.
- Middle East: Announced the launch of Run Show Mena, a new B2C and B2B exhibition in Dubai in 2026, backed by Olympic athletes including the UK’s celebrated Mo Farah
But these developments – said to involve a total investment of less than £10mn – are eclipsed by the company’s latest deal, announced today (28 October).
Raccoon and Messe Munich are forming a joint venture through which the UK-based event company will take over the organisation of ISPO, the 55-year-old international sporting goods and sports fashion trade show.
It’s certainly an event in need of revitalisation.
The following table shows that last year ISPO had its lowest net exhibition space for more than a decade: 49,000 sq metres – and less than half the 110,000 sq metres achieved in both 2018 and 2019. Although some of the decline was attributed to the pandemic, the failure to rebound post-2022 (like almost every other trade show) reflected shifts in the sports retail market. Although the majority of ISPO exhibitors and visitors are (still) from outside Germany, these totals were also well down in 2024. You can see why the publicly-owned Munich venue owner and organiser wanted to find an alternative strategy for what had been one of its largest events.
| SnapShot ISPO Munich | |||
| ‘000 | Exhbtrs | Visitors | Sq m (net) |
| 2018 | 2.8 | 84 | 110 |
| 2019 | 2.9 | 80 | 110 |
| 2022 | 1.5 | 36 | 51 |
| 2023 | 2.4 | 35 | 63 |
| 2024 | 1.9 | 27 | 49 |
That’s why Messe Munich has struck a deal which includes switching ISPO to RAI, in Amsterdam (home of Raccoon’s new International Running Expo, in November) from 2026. Earlier this year, it had decided to fold the standalone ‘OutDoor by ISPO 2025’ show (7,600 visitors and 17k sq m exhibition space in 2024) into the main ISPO event.
Harald Kirchschlager, Executive Director Corporate Strategy & Development at the €530mn-revenue/ €142mn EBITDA Messe Munich, told Flashes & Flames: “We are not good at doing this type of agile, emotional, consumer-oriented show. We are good at large-scale B2B shows in heavy machinery, technology and industrial goods. ISPO has been a pure B2B show but every year we have discussed ways of expanding it to attract a broader spectrum of people. ISPO is the only remaining such event in the sports industry and not just because of the pandemic. It had been struggling anyway because the whole value chain for our customers was changing. With digitization, retailers are buying differently and the sports industry is evolving.”
Mike Seaman said today: “For too long, ISPO has been led by the head and lost some of its heart. We’re rebalancing that—making smart, strategic choices while restoring the passion, purpose and community that made it great. The industry needs a platform that unites voices, protects the places we play, and inspires the next generation of brands, leaders and businesses.”
In addition to the 93 independent trade shows held at the company’s own venue, Messe Munich last year operated 63 of its own events, 47 of them outside Germany.
Today’s media release touches on the primary motives for relocating ISPO: “The new concept addresses the cost base to make attendance more affordable, aligns the event with global buying cycles, and ensures accessibility for a broader international audience.”
Mike Seaman summarised Raccoon’s shared €3mn investment plan to revamp the event, from next year:
- Moving it to Amsterdam “because it is the only show of its type in the world and we wanted to put it in a globally accessible location”
- Bringing the date forward to 3-5 November to avoid the US Thanksgiving holiday in November, “so we can attract the US market as well”
- Changing the format to a two-day exhibition, preceded by a one-day ISPO Leaders’ Summit, said to represent an investment of €1mn. Confirmed 2026 attendees include: mountaineer, film director and author Jimmy Chin and Hap Klopp (co-founder of North Face, the world’s leading outdoor firm).
- Investing €1 million in a global hosted buyer programme (including the provision of flights and hotel rooms) to ensure the attendance of key retailers and brands.
- Donating €1mn for sport participation charities every year, “which is part of the Raccoon DNA. We call it inside-out marketing”.
The ISPO deal is described as a JV or ‘strategic partnership’, with both parties as shareholders – and Raccoon as the “lead partner”. But, given Seaman’s forecast that the expanded Raccoon Media Group will next year have revenue of almost £25mn (below), we may assume the ‘new’ £12mn from EU markets is predominantly ISPO revenue. The deal, therefore, may be more like an acquisition for Raccoon, presumably with some future profit sharing or payments to Messe Munich. The transaction is expected to more than double the UK operator’s revenue in 2026, having increased by 50% this year. Total revenue seems certain to exceed £30mn in 2027 – more than 4x in four years.
| SnapShot Raccoon Media Group | |||
| £mn | 2026* | 2025 | 2024 |
| Rev | 24.6 | 10.5 | 7.2 |
| UK | 22% | 53% | 47% |
| EU | 50% | 6% | — |
| US | 25% | 40% | 53% |
| M.East | 3% | — | — |
| People | 75 | 45 | 38 |
| Events | 19 | 17 | 16 |
ISPO will be Raccoon’s largest event and also seems likely to lead to spin-offs elsewhere in the world, although there are currently two competitive shows in the US (by Emerald and Diversified). Perhaps there will be a follow-on deal across the Atlantic?
PATS, which may have achieved 60% revenue growth in its first year of Raccoon ownership, has become a strong runner-up in its portfolio. And, of course, the CEO and majority owner are both passionate about the sport and business of running.
CEO Seaman says: “Running is now a really exciting market. Of all the outdoor and sports sectors, it’s the fastest growing and most invested in segment. People like running because it’s easy to do, is cheap and most people can access it, but you can certainly spend money on it. Event organisers once didn’t like running because they said the value of the products was small. But a pair of running shoes is now £140 and a good runner can go through four, five or six pairs a year. It’s also fanatical. And I believe Dubai is right at that bleeding edge of the running market. That’s why we’re so excited about our new event there. It could become Raccoon’s second or third biggest event in its first year.”
Raccoon’s recent acquisitions and launches in three continents – and now the challenge of reviving a once blockbuster sports industry trade show – comprise a mighty strategic leap and big test for the sprightly young company with global ambitions. It expects to achieve £25mn revenue (and, presumably, at least £5mn EBITDA) in 2026, with double the headcount of 2024. Phew.
