RNS Number : 1920L
ITE Group PLC
04 May 2010
4 May 2010
ITE Group plc
("ITE" or the "Group")
Acquisition of Fin-mark Srl
ITE Group plc, the emerging and developing markets exhibitions specialist, today announces the acquisition of Fin-mark Srl, an Italian exhibition organiser from its owners Mr Mauro Grillini and Ms Daniela Lassandro. The former owners will continue to work with ITE on the exhibition portfolio for at least one year following completion.
Fin-mark Srl organises the Aqua-therm, heating and ventilation exhibitions in Ukraine, Kazakhstan and Azerbaijan. Aqua-therm Kiev takes place in May each year at the International Exhibition Centre and this year is expected to be circa 14,000m2 net. Aqua-therm Kiev is the leading event in the Ukraine serving the heating, ventilation, climate control, sanitary and water supply industry. Aqua-therm Kazakhstan and Aqua-therm Azerbaijan are smaller events and take place in September and October respectively.
Fin-mark Srl had gross assets at completion of circa €2.5m.
Commenting on the acquisition, ITE's Chief Executive Officer, Russell Taylor, said:
"Aqua-therm Kiev is the market leading heating and ventilation exhibition in Ukraine, and the Kazakhstan and Azerbaijan events will further add to ITE's existing strength in these markets. ITE already organises Aqua-therm Moscow in a joint venture relationship. The sector is complementary to ITE's portfolio of construction events and this acquisition is consistent with ITE's strategy of building market leading positions in core markets and sectors."
Russell Taylor, Chief Executive, ITE Group plc
Tel: 020 7596 5000
Charlie Palmer/James Macey-White Financial Dynamics
Tel: 020 7831 3113
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