LONDON – 8 June 2023 – Providence Equity Partners (“Providence”), a premier private equity firm specializing in growth-oriented investments in media, communications, education and technology, is pleased to announce the successful closing of its acquisition of global events business Hyve, alongside Searchlight Capital Partners (“Searchlight”).
The acquisition was effected through Heron UK Bidco Limited (“Bidco”), an incorporated entity formed by funds advised by Providence and Searchlight for the purposes of making an offer for Hyve, and values the company at approximately £524 million on an enterprise basis.
Hyve operates a global portfolio of market-leading in-person and tech-enabled events including brands such as: Shoptalk, Spring Fair, Bett, Mining Indaba and the recently acquired Fintech Meetup. Providence and Searchlight will provide strategic and capital support to position Hyve for accelerated growth.
Mark Shashoua, 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: “We are looking forward to partnering with Mark and his hugely talented team, alongside Providence, as we embark on the exciting next chapter of Hyve’s journey. 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.”
About Providence Equity Partners
Providence Equity Partners is a specialist private equity investment firm focused on growth oriented media, communications, education and technology companies across North America and Europe. Providence combines its partnership approach to investing with deep industry expertise to help management teams build exceptional businesses and generate attractive returns. Since its founding in 1989, Providence has invested over $35 billion across more than 170 private equity portfolio companies. With its headquarters in Providence, RI, the firm also has offices in New York, London, Boston and Atlanta. For more information, please visit www.provequity.com.
About Searchlight Capital Partners
Searchlight is a global private investment firm with approximately $12 billion in assets under management and offices in New York, London, Miami and Toronto. Searchlight seeks to invest in businesses where its long-term capital and strategic support accelerate value creation for all stakeholders. For more information, please visit www.searchlightcap.com.
Hyve is a next-generation global events business with the purpose of bringing together and connecting entire sector ecosystems from all corners of the globe. Hyve’s vision is to deliver game-changing impact to its customers by redefining events, and using its influential voice to create platforms for progress in the sectors it works within. The group meets its customers’ needs to learn, network and trade via unmissable in-person events, online platforms and hyper-productive meeting programmes delivered with globally consistent best practice and unrivalled quality. More information available at www.hyve.group