Blackstone launches $2.5bn Clarion Events sale as M&A sentiment rebounds
Blackstone has initiated the sale process for Clarion Events, aiming to capitalise on improving market sentiment after a prolonged period of global dealmaking disruption.
The events group, which Blackstone acquired in 2017 for £600m ($802m), is now being marketed to potential buyers, including CVC, KKR, PAI Partners, Ardian, and Hillhouse Investment, according to sources familiar with the matter.
Clarion could fetch up to £2bn ($2.5bn), based on a multiple of around 12x EBITDA.
The move comes as private equity firms cautiously return to the M&A market, following weeks of uncertainty triggered by geopolitical tensions and US tariff policies. Recent market stabilisation has seen a rebound in deal activity, with notable transactions such as KKR’s $3.1bn acquisition of OSTTRA and DoorDash’s $3.6bn bid for Deliveroo reaching completion.
Clarion, which operates trade shows in sectors ranging from gaming and defence to energy and electronics, saw revenue surge to £432.9m in the 12 months through January 2024. The recovery in China and Hong Kong significantly contributed to this performance. The company also manages high-profile events including the London International Horse Show and Global Sources.
In its most recent financial review, Clarion highlighted strong cashflow management and outperformance against budget expectations—an encouraging sign for prospective investors. However, sources caution that a deal is not guaranteed at this stage.
The potential sale marks one of the largest private equity-backed assets to return to market since the slowdown, and underscores Blackstone’s continued effort to time exits with improving economic clarity.