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A London-based independent exhibition and events organiser has been bought by a US private equity firm for more than £100 million.

Veronis Suhler Stevenson has spent £120.5 million buying Clarion Events, which manages a portfolio of 65 B2B and consumer shows.

The company was sold by private equity firm HgCapital, making an IRR of 34 per cent on its investment. This is its second exit this year and its eighth transaction since August. The firm has held a majority shareholding in the business since October 2004 when it backed a £45 million management buy-out from property group Earls Court & Olympia.

Under HgCapital’s ownership Clarion’s revenues have grown to £53 million from £30 million and the number of events and exhibitions has more than doubled.

The firm has supported Clarion in making eight acquisitions and helped the company expand internationally with events now organised in 14 countries.

HgCapital director Robin Lincoln said the firm backed the buy-out due to its expansion potential. “Through supporting management in entering new sectors and in making a series of bolt-on acquisitions, Clarion is now well placed to continue to grow internationally.”

Clarion’s events include the Olympia International Horse of the Year Show, the International Casino Exhibition, MPH Motor Show, Mortgage Business Expo, Baby 2008 and the Fine Art & Antiques Fair.

HgCapital invests in companies worth between £50 million and £500 million and has more than £1.8 billion under management.

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