Acquisitive exhibition organiser ITE Group has bought a controlling stake in two companies and talks with a strategic partner are close to completion.
The company has acquired a 51% share in exhibition companies Intermedia and SEACE. The move continues ITE's intention to take controlling interests in exhibition companies across the globe.
Intermedia, which has been bought for an initial sum of about pounds 520,000 (dollars 773,000), organises exhibitions such as Beauty Africa and Gulf 4x4.
It has recently launched electronic education shows E-Learning in Paris and E-delivery in London and Amsterdam, all to be held in 2001.
'This acquisition fits perfectly into our strategy,' said ITE chairman Lawrie Lewis.
ITE will pay about pounds 1m (dollars 1.5m) for the stake in SEACE. Based in Indonesia, it runs events in oil and gas and telecommunications. 'This company is formidable,' said Lewis. 'The business was built up during a time of crisis in the Middle East.
'Our strategy is to put in place a local management structure. You cannot be like a little Englishman getting on a plane and going out there to change everything. You have to respect the language and culture of another country.'
Meanwhile, Lewis confirmed ITE is 'very close to an announcement' on the outcome of strategic partner talks (Marketing Event, September 2000).
He remained tight-lipped over the identity of the partner but speculation suggests it could be a US media-based merchant bank.