Private Equity Funds managed by Blackstone (“Blackstone”) announce the acquisition of the National Exhibition Centre Group (“NEC” or “the company”), the leading live events venue operator in the UK, from LDC, the private equity arm of Lloyds Banking Group.
Founded in 1976, the NEC has grown into the UK’s number one live events business of choice for organisers, exhibitors and visitors, playing host to over seven million guests and 750 events every year. The NEC boasts Birmingham's National Exhibition Centre, the International Convention Centre the Genting Arena and Arena Birmingham among its assets as well as caterer Amadeus and national ticketing agency The Ticket Factory.
The National Exhibition Centre hosts many of the largest exhibitions in the UK, including Crufts, the internationally acclaimed dog show, Spring Fair, the UK’s largest exhibition, and Grand Designs Live. Many other renowned events take place within the NEC venues and NEC has partnered with Merlin Entertainments to open their first Bear Grylls Adventure visitor attraction and a LEGOLAND Discovery Centre on the company’s sites. The NEC is also due to host nine sports as part of the 2022 Commonwealth Games.
LDC originally backed a management buyout of the Group in January 2015. Since then, it has supported a four-year transformation programme to enhance sites, facilities and customer experience and broaden the range of events across the Group’s portfolio, supported by significant capital investment.
Paul Thandi, Chief Executive of the NEC Group, said:
Blackstone’s proven track record in scaling companies, experience of the live events sector and unrivalled real estate capabilities, make them the ideal new partner for NEC Group to realise the next phase of our ambitious growth strategy. All of our teams and partners look forward to working closely with the world class team as we embark on becoming the definitive name in events and exhibitions, while continuing to focus on innovations and new customer experience offerings for all our customers groups.”
Lionel Assant, European Head of Private Equity at Blackstone, added:
“Under the leadership of Paul Thandi, a best in class management team and the support of LDC, the NEC has transformed its main site into a leading leisure, entertainment and business destination, which continues to benefit from a diverse and loyal customer base. We have tremendous respect for what has been achieved; NEC Group is both iconic and truly unique and we are excited about our new partnership as we look to leverage our firm’s capabilities in support of the team.”