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ITE Group PLC (HYVE)

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Tuesday 15 October, 2013

ITE Group PLC

Acquisition of Platform Exhibitions

RNS Number : 4607Q
ITE Group PLC
15 October 2013
 



 

 

 

 

15th October 2013

ITE Group plc

 

("ITE" or the "Group")

 

Acquisition of Platform Exhibitions Inc strengthens ITE's position in the beauty sector

 

ITE Group plc, the emerging and developing markets exhibitions specialist, today announces the acquisition by its wholly owned Turkish subsidiary, E Uluslararası Fuar Tanıtım Hizmetleri A.Ş(EUF), of 100% of the shares of Platform Exhibitions Inc (Platform") from Mahmut and Ayse Er.

 

The consideration will be financed out of the Group's existing balance sheet and the acquisition is expected to be earnings enhancing in the first full year of ownership.

 

Platform owns the Beauty Eurasia exhibition which serves the beauty, personal care and cosmetics industries in Turkey and the surrounding region. Beauty Eurasia is held in Istanbul in June each year and is the leading event of its kind in Turkey. The 2013 exhibition was the 9th edition of this successful event which sold more than 8,000m2 net and was attended by over 21,000 professional visitors.

 

ITE has an established portfolio of existing Beauty events in Ukraine and Russia and earlier this year acquired an interest in the CosmoBeaute series of events in South East Asia.

 

Commenting on the acquisition, ITE's Chief Executive Officer, Russell Taylor, said:

 

"Beauty Eurasia is the leading beauty and personal care exhibition in Turkey. The addition of this exhibition to ITE's Turkish business is consistent with our strategy of building market leading positions in core markets and sectors. The beauty and personal care industry is a growth sector in developing markets and with this acquisition, ITE will leverage its international exhibition expertise to develop further its position and benefit from a wider portfolio within this sector."

 

-ends-

Enquiries

Russell Taylor, CEO

020 7596 5000

Neil Jones, CFO


ITE Group plc




Charles Palmer

020 7831 3113

Emma Appleton


FTI Consulting


 


This information is provided by RNS
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