Tarsus Group Acquires PAINWeek from Aventine Co. for $27.5 Million; Provides Trading Update
U.K.-based Tarsus Group added to its expanding U.S. medical portfolio with the acquisition of PAINWeek from Aventine Co. for $27.5 million.
PAINWeek runs the leading U.S. event for pain management, which takes place annually in September in Las Vegas.
“The acquisition of PAINWeek complements our existing medical businesses enabling us to address all four pillars of the preventative medical market,” said Douglas Emslie, Tarsus Group managing director. “We see a number of opportunities for us to expand the PAINWeek business and to cross-promote our other medical events.”
PAINWeek addresses a key part of neurology, pain management, providing Tarsus with increased exposure to a key area of the preventative medicine market.
Tarsus’ medical group now is in the four main sectors of the U.S. preventative medical market - neurology, endocrinology, cardiovascular and oncology.
In 2014, the PAINWeek annual event attracted 2,200 medical practitioners. It is supported by a series of satellite events in the U.S., a publication and a strong digital presence.
PAINWeek has enjoyed strong growth since it was established in 2007 and the existing management team will continue to lead the business after acquisition and are contracted through to 2018.
The acquisition of 100 percent of the assets of PAINWeek is for a total cash consideration of up to $27.5 million with $5 million payable on completion and deferred payments linked to the performance of the business up to the end of 2018 of up to $22.5 million.
Tarsus also released a trading update for the past few months with the emerging markets’ shows starting off well in Turkey, China, Indonesia and Mexico.
In the U.S., several of the group’s medical launch events took place, such as two regional events for the cardiometabolic division and the first edition under Tarsus ownership of the South Beach Symposium dermatology event performed ahead of our expectations.
In Europe, the 3D Printshow business has showed good progress, with events in both New York and London, in addition to successful events launched in Berlin and Madrid. Revenue for this business is well ahead of the same position in 2014.
Revenues for the year as a whole are heavily second-half weighted because of the timing of the Group’s larger exhibitions – Labelexpo Europe and Dubai Airshow – both of which are showing strong bookings. Across the portfolio, bookings are tracking 10 percent ahead on a like-for-like basis.
“The Group has seen encouraging performances from its exhibitions so far this year and has strong forward bookings,” Emslie said. “We remain positive about our trading prospects for 2015.”