Phoenix Equity Partners has agreed to divest its stake in CloserStill to Inflexion Private Equity. No financial terms were disclosed. Based in London, CloserStill is a business events organizer.
Phoenix Equity Partners (“Phoenix”), a leading UK middle-market private equity firm, announces today that it has agreed to sell its stake in CloserStill (“CloserStill” or “the Company”), a top business-to-business exhibition organiser, to Inflexion Private Equity(“Inflexion”).
Headquartered in London and founded in 2008, CloserStill specializes in professional events primarily for the healthcare and technology markets. Since investing in the company in 2012, Phoenix has worked with Andy Center, CloserStill’s Chief Executive, and the management team to accelerate the Company’s growth, with revenues trebling and profits quadrupling during the three years of Phoenix’s investment in the Company.
CloserStill’s strong growth was achieved by rapidly growing existing events and by significantly expanding the portfolio. A UK-only group at investment, CloserStill held its first international event in 2013 and now generates 20% of its revenue internationally with events in France, Germany and Singapore. The Company strengthened its position in the UK with six new show launches and made six bolt-on acquisitions in total. CloserStill has also rapidly grown its employee base, with numbers more than doubling during the period of Phoenix’s investment.
Kevin Keck, Partner at Phoenix, commented:
“We are very proud to have worked in partnership with Andy and CloserStill’s excellent management team to accelerate the Company’s growth, both in the UK and internationally, through new show launches and several bolt-on acquisitions. CloserStill is a great success story with a strong platform to continue to build on. We wish the CloserStill team well and know they will continue to thrive.”
Andy Center, CEO at CloserStill, said:
“Phoenix have been tremendous partners – smart, supportive and a pleasure to work with from start to finish. The bond of trust and mutual respect between Phoenix in general, and Kevin in particular, and the CloserStill management team contributed directly to the growth and international expansion of the company. We would like to whole-heartedly thank Phoenix and look forward to continuing the adventure with our new partners Inflexion.”