International exhibition organiser ITE Group has revealed its strategic partner is VS&A Communications Partners, the US media-focused investment group.
ITE has signed a conditional agreement which includes a proposed cash subscription by VS&A and a proposed placing and open share offer.
The reason for the subscription is to finance future investments and expansion. It brings the added benefits of Veronis Suhler's expertise in the media and communications sector including trade shows and related media.
ITE chairman Lawrie Lewis said: 'We are extremely excited to be working with Veronis Suhler. The partnership will enable ITE to accelerate the development of the group as one of the world's leading exhibition organisers in emerging markets. The benefits of an extended network of relationships and the strength of Veronis Suhler's experience will be of great benefit as the group continues its strategy of growth - organically and by acquisition.'
Veronis Suhler chairman Nigel Stapleton said: 'We view ITE as an attractive international platform for organic and acquisition-led growth given the track record of the management team and the company's strong position in certain international tradeshow and exhibition markets.'
ITE is one of the world's leading exhibition organisers. The company's core business is the organisation of specialised international trade exhibitions in emerging markets, principally in Russia, the CIS and Turkey, but also in central European, Middle Eastern and Far Eastern countries.
In the last financial year ended 30 September 2000, ITE organised 140 shows using about 270,000 sq m of net space sold.