Event organiser and publisher of The Grocer, William Reed has announced the acquisition of a majority shareholding in Rethink Events, an organiser in the agri-tech and food-tech sectors, including the World Agri-Tech and Future Food-Tech Innovation series.
The Rethink summits are held in San Francisco, New York, London, Amsterdam, Sao Paulo and Singapore and tackle the issues most crucial to stakeholders throughout the agri-food value chain.
This acquisition by the UK-based, family-owned William Reed Group, which operates B2B information and events principally in food, drink and hospitality marks a new stage in the company’s strategy for international growth while the company retains its focus on the extended food and drink supply chain. The company says Rethink will also bring expertise to support the organic development of William Reed’s existing brands.
“Rethink events are already highly successful in the US, Asia and Europe, and being part of the William Reed Group presents significant growth opportunities elsewhere in the ROW,” says Charles Reed, CEO, William Reed. “That growth will drive value for our customers whether they be a sponsor or delegate but also for all our colleagues in the combined business. Both our businesses have always been about building communities and serving them with content and solutions. Now as the clear market leader we can do that across the supply chain in whatever media is most relevant to our customers, whether that be a digital platform, large-scale summit, trade show or premium insight. Exciting times ahead.”
“We’re excited at this new chapter for Rethink, and how joining forces with the William Reed Group will amplify our presence and impact in the agri-food industry around the world. With food security firmly at the top of the global agenda, there is a huge need for market intelligence and B2B networking in this sector, and together we support the entire value chain, from sustainable farming, through to innovation in nutrition and health, to retail and culinary excellence,” says Jennie Moss, founder & MD, Rethink Events.
Financial details of the deal have not been disclosed but some analysts have put Rethink’s revenue at around £10-15m, with profit of £3.4m in the year ended 31 March 2022 .
William Reed’s financials for the year end to March 2022, show its events business bouncing back from the effects of the Covid pandemic, with revenues for Events coming in at 14.2m, compared to 1.8m in 2021 and 19.5m in 2020. Almost half of the company's revenues now come from outside the UK (47%).
