U.K.-based Tarsus Group Sells Off Events in France
U.K.-based Tarsus Group reached an agreement to sell 100 percent of Tarsus France Holdings SAS to Magellan VI SAS for approximately £6.6 million ($10.3 million).
The sale supersedes an earlier agreement, announced on Jan. 8, 2014, in which Tarsus sold 18 percent of the French business to CRG Consulting SAS.
“Since 2010 we have reshaped the Group’s portfolio to target a greater exposure to the U.S. and emerging markets,” said Tarsus Group Managing Director Douglas Emslie.
He added, “In 2009, 53 percent of the Group’s revenue was generated in these markets and we expect this to increase to 85 percent in 2015 on a pro-forma basis. Further, our “Quickening the Pace” strategy has seen us increasingly focus on economies we believe offer the best opportunity for growth. The disposal of our French business will allow us to recycle capital and continue to invest in these higher growth economies.”
Core to the Tarsus’ “Quickening the Pace” strategy, which is focused on accelerating the financial returns to shareholders, is the targeting of fast-growing economies of the emerging markets and the U.S.
The French Business, which owns a broad portfolio of exhibitions and conferences in France that coved sectors including education, marketing, IT and the events and meetings industry, generated a profit before tax for the year ended Dec. 31, 2014, approximately £0.6 million.
Tarsus will receive approximately £6.6 million ($10.3 million) in cash for the French business. Approximately £5.2 million ($8.1 million) will be received at completion, and a deferred payment of approximately £1.4 million ($2.2 million) is expected to be received prior to Dec. 31, 2016.
At completion of the total sale, the French business will be owned as 50.03 percent by CRG and 49.97 percent by Fonds de Consolidation et de Développement des Entreprises II.