With 12 deals announced this last month, the total number of transactions for the year now stands at 87, equalling the highest number of transactions reported for the whole of 2018 when the race for investment in emerging market businesses boosted acquisition activity.
With two months still to go, 2026 will go down in history, not just for the “Big Bang” transactions but for the sheer number of deals driven primarily by the deployment of Private Equity capital.
The Big Bang continues (concludes?)
The acquisition of Clarion Events by Informa for £2.24bn has been well covered in Flashes & Flames already but landed a few days after the last DealMakers column. This last and largest deal was after the summer surge of transactions where we saw four Private Equity firms – Providence/Searchlight, Hellman & Friedman and Apollo – in the acquisitions of CloserStill Media, Hyve Group, Emerald and Questex.
The sale of Clarion was the next logical deal, given that its owner Blackstone invested back in 2017. Normal Private Equity time horizons are 3-5 years, but COVID disrupted exit plans and, more recently, a potential transaction was complicated by the ownership of Hong Kong-based Global Sources. Blackstone had acquired Global Sources separately, also in 2017, and the businesses were merged into Clarion in early 2018. Unlike other bidders, Informa had no issues with HK/China making it a simpler, faster transaction – and a deal that reportedly took only two months from start to finish.
Private Equity follow-on deals.
In its first acquisition since Searchlight Capital Partners joined existing backer Providence Equity Partners in a recapitalisation deal that valued the business at £1.35bn, CloserStill Media has acquired ROAR B2B. Roar was founded by Duncan Kirk in 2019, backed by Apiary Capital. The genesis of the business was the portfolio of events acquired from Prsym Group – B2B Marketing Expo, Recycling and Waste Management (RWM) and Naidex (which Prsym itself had acquired from Ascential, known then as i2i Events Group). The flagship event is now Environmental Services and Solutions Expo (ESS) which was created in 2023 by bringing together several environmental brands including RWM. This deal raised eyebrows at DealMakers as it didn’t seem to be the nailed-on, synergistic play that characterises most CloserStill acquisitions.
Nineteen Group, backed by Phoenix Equity, has acquired FIT Show, the UK trade event for the windows, doors and glazing industry from Montgomery Group, adding to its established portfolio of events serving the built environment. These include the international Build series of events, InstallerSHOW, Painting & Decorating Show, Professional Woodworking Expo and PlantWorx. This is the second show acquired from Montgomery Group this year following the earlier acquisition of Professional Woodworking Expo and brings the total number of transactions for Nineteen this year to five – with more promised.
Trifecta Collective, backed by PE firm GreyLion, has acquired the Medical Spa Show (MSS) from the American Med Spa Association (AmSpa). MSS focuses on the medical aesthetics sector and has been running for 10 years. The acquisition represents Trifecta Collective’s fifth trade show transaction, following purchases of TRANSACT, Canadian Concrete Expo, International Mass Timber Conference and the North American Trailer Dealers Association, an eclectic collection of businesses.
Founders corner
Three transactions this month celebrate the success of founders who left safe jobs in larger organisations and took the risk in building their own businesses.
After the announcement in May (and completion in July) of the acquisitions of Emerald and Questex by Apollo Funds and the merging of the two businesses, Forge has made its second acquisition, following on from their Becker’s Healthcare deal. It is acquiring Kisaco Research, a London-based events and media business with conferences and communities in the technology, healthcare, wellness, and legal markets. Kisaco was founded in 2014 by Sarah Clayton, formerly with IQPC, and it’s refreshing to see a female founder-led business achieving such success. Since Kisaco’s inception, Clayton has launched events opportunistically wherever she has seen gaps in the market. But, over the last few years, she has refined the business to a portfolio of 14 events led by the flagship AI Infra Summit which brings together the companies building the hardware, software and systems that power artificial intelligence. Other Kisaco events such as AI Drug Discovery conference, Beauty Connect and the Medspa series all fit well with Forge’s existing portfolio.
Nineteen Group has acquired Blueprint Event Company, organiser of the Lubricant Expo series in Europe, US and the Middle East. The acquisition strengthens Nineteen’s manufacturing portfolio and moves it into the Middle East (Dubai) for the first time. Blueprint founders Anthony Roberts and Paul Hooker originally cut their teeth at Smarter Shows and are the second set of entrepreneurs from the Brighton, UK-based events company to successfully set up, develop and successfully exit their own businesses. In 2024, Elite Exhibitions, organiser of Cruise Ship Interior Design Expo founded by ex-Smarter Show employees Toby Walters and Sam Murray, sold their business to CloserStill Media.
Finelight Group has acquired Business Show Media, organiser of The Business Show, The International Franchise Show and The White and Private Label Expo. With offices in the UK, Australia, Singapore and US, Business Show Media was founded by Christian Yandell in 2020, out of shows originally launched by Prsym Media Group, of which he was Managing Director. Prsym, founded by Nick Moss was another entrepreneurial events company which, like Smarter Shows, created several entrepreneurs who have gone on to create their own media businesses, as well as providing Roar B2B with the initial foundation of their business which was acquired by CloserStill Media this month.
In other news…
Informa has acquired Independent, organiser of two art fairs in New York each year—one devoted to contemporary art in the spring and the other 20th-century art in the autumn. Informa already owns several art fairs, including Untitled Art, Art Miami, and Palm Beach Modern and Contemporary, operating under their South Florida Ventures division.
Raccoon Media Group has created a joint venture with Edition Media with its Edition Dog Live event joining Raccoon’s animal health portfolio. Raccoon launched the National Equine Show in 2023 and acquired the Pet & Aquatics Trade Show (PATS) and BETA International (Equestrian) in 2024.
Diversified UK & Europe has acquired Smart Buildings Media, organiser of Smart Buildings Show and two digital publications, Smart Buildings Magazine and Smart Infrastructure Magazine, originally created by Ian Garmeson who sadly died in 2025. From 2027, the show will be co-located with Diversified’s own shows for the sector – Digital Construction Week and GEO Business – at Excel London.
Several German Messes are contributing to the current M&A boom with six transactions so far this year involving Messe Muenchen, Messe Frankfurt, Messe Stuttgart and KoelnMesse. All have involved the acquisition of businesses outside Germany, with four in India. The latest sees Messe Muenchen India acquiring PharmaTech Expo from PharmTechologyindex.com, a division of real estate and land development company, KNS Group. PharmaTech Expo takes place twice a year, in Chandigarh and Gandhinagar, and complements Messe Muenchen’s Analytica portfolio which also includes PHARMA Pro&Pack Expo India.
Finally for this month and in the US, Arrowfly, has acquired Prosper Company, organiser of Prosper Forum and Prosper Accelerate, two leadership conferences that connect senior executives and emerging leaders across the restaurant, foodservice and hospitality industry. Arrowfly (formerly WTWH Media) is a US B2B media business operating around 40 events in the engineering, healthcare, food, retail, and hospitality sectors. Earlier this year, it acquired HealthLeaders, a series of events for Healthcare Executives.
