Hyve acquisition by Providence and Searchlight completed

Global event organiser Hyve has announced the completion of its acquisition by funds advised by Providence Equity Partners L.L.C. (“Providence”) and Searchlight Capital Partners ("Searchlight"). “This marks a significant milestone for Hyve, providing strategic support and positioning the company for accelerated growth,” a statement from the company said.

The consortium paid 121 pence per share, which valued Hyve at approximately £524m on an enterprise value basis, approximately 22.1 times Hyve’s EBITDA for the 12 months to 30 September 2022.

Providence is a private equity firm specialising in growth-oriented investments in media, communications, education and technology. Searchlight is a global private investment firm with deep experience in the communications, media and financial and business services sectors. Providence and Searchlight say they will provide “strong support to Hyve, as it pursues its ongoing strategy to redefine events for future generations”.   
Mark Shashoua (pictured), CEO of Hyve, expressed his optimism for the new ownership, stating: “We are delighted to embark on this new and exciting chapter in Hyve’s journey with two investors who support our vision and strategy. The acquisition provides Hyve with increased opportunities for growth and evolution and will allow us to deliver ever-more game changing impact for our customers, exhibitors, and partners.”
“We believe Hyve is an outstanding business with a strong platform underpinned by high-quality brands and events,” said Andrew Tisdale, senior managing director of Providence Equity Partners. “We look forward to leveraging Providence’s knowledge and experience investing in the events industry, as well as our capital resources and partnership with Searchlight, to support Mark and his team in pursuing Hyve’s full growth potential, including by enhancing its market-leading events portfolio, accelerating its digital initiatives and omnichannel investment strategy, and through value-enhancing acquisitions.”
James Redmayne, partner at Searchlight, added: “The company’s incredible transformation in recent years has established it as an industry leader, with a well-balanced portfolio of leading global events, which provide Hyve’s customer communities with the highest quality opportunities to network and trade. We look forward to fulfilling our promise of being a supportive shareholder and helping the team deliver on its wide range of compelling organic and acquisitive growth plans.”
In light of this acquisition, the existing Board of Hyve has stepped down, with Shashoua thanking them for their support which he described as “instrumental in the transformation of Hyve into the thriving organisation it is today”.

Hyve’s five-year Transformation and Growth programme has seen the company completely change shape, refocusing away from emerging markets and onto advanced economies.