EUROPE - US contracting giant Freeman has bought SO Group, Exhibition World can reveal.
SO Group went into administration earlier today (28 March) before Freeman stepped in at 3.30pm as the successful bidder for the business and assets of SO Group in an accelerated sales process following administration.
The deal will see the business and assets of SO Group, and its subsidiary 360 Creative Event Services, incorporated into the Freeman family of brands and the business will operate under the trade name “SO Group, a Freeman Company”.
Both companies chose to not disclose financial information related to this transaction.
The purchase however does not include event software provider N200, which merged with SO Group in 2012. Discussions are ongoing with Freeman regarding N200.
“For eighty-six years, Freeman has focused its business on responding to the specific needs of each client,” said Joe Popolo, CEO of Freeman. “Our customers are increasingly looking for strategic partnerships that provide seamless service beyond North America, and this acquisition positions us to answer that call. We are extremely excited to bring these two businesses together.”
SO Group were silent on quick sale talks when sister title Exhibition World broke the story on 19 March.
Speaking to EW earlier this year, Freeman CEO Joe Popolo confirmed the US company recentlyopened an office in the UK, and was evaluating the market for expansion possibilities.
“It’s a logical next step for both our marketing solutions and exposition teams,” he said at the time. A potential deal with SO Group would also be in line with Freeman’s strategic direction, continuously expanding into the live marketing and experiential event production arena.
Headquartered in Dallas, with 70 offices in North America, Freeman produces more than 4,300 trade shows annually, including 135 of the 250 largest in the US and 11,000 other events worldwide. It had a revenue of US$1.6bn in 2012.
“The two businesses share a similar culture, complementary services and a shared commitment to delivering exceptional customer experience,” said David Walley, CEO of Freeman UK. “We are excited about what this acquisition by Freeman means for customers in NorthAmerica and the UK, and we look forward to a smooth integration that brings the best of both operations under one brand.”
However Walley could not confirm that suppliers wouldn’t lose out through the deal. “There may well be outstanding debts to suppliers in the administration process,” he said. “We will as Freeman try our best. There may be issues in the short-term, but Freeman will look to win back that trust.”
“From the outset of the administration process, Freeman has demonstrated a real commitment to see the transaction concluded,” said Duff & Phelps joint administrator, Matt Ingram.
“I am delighted that it has been successful in its bid as it provides a positive result for over 350 employees and offers a much enhanced outcome from creditors than any other realistic proposition.”
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