Parent company Providence Equity Partners sells majority shareholding to Blackstone
After two years as a subsidiary of Providence Equity Partners, ICE Totally Gaming organiser Clarion Events has a new owner following the acquisition of the majority shareholding by private equity firm Blackstone.
The news was broken to staff in a brief Friday by Clarion CEO Russell Wilcox, who claimed that Blackstone is one of the largest and most respected private equity investment houses in the world.
“From the start of this process it has been clear that they share our expansive vision for how we can grow and develop the company,” Wilcox said. “We’re obviously excited by their resources, their network, and by the many ways in which they’ll be able to support us in the future.”
In a separate announcement Monday, Lionel Assant, head of European operations at Blackstone, said:
“Clarion’s leading position in its markets combined with its strong management team will enable the company to continue growing both organically and through M&A. Blackstone has a significant track record of investing in media businesses as well as buy and build platforms.”
Clarion owns the rights to more than 180 events in 50 countries. Its headquarters is in London and it has 950 employees across its 13 worldwide offices.
Last week Blackstone partnered with CVC Capital in a takeover bid for online payment solutions provider Paysafe plc (see previous InfoPowa report).