London-based Aeorema Communications plc (owner of Cheerful Twentyfirst) says it has finalised the acquisition of Eventful Ltd, a boutique events agency. No figure for the value of the sale was disclosed.
The group’s decision to continue with the procurement, despite everything the industry is facing with COVID-19, a spokesperson said, “reflects Aeorema’s faith in the deal and confidence in the future and recovery of the events and MICE industries”.
The group said Eventful would offer opportunities for cross-selling with Aeorema’s existing global creative agency Cheerful Twentyfirst.
B2B agency Cheerful Twentyfirst recently won both Innovation and Creative Team of the Year accolades at the 2020 CN Agency Awards.
Founded in 2002 by Caroline Lumgair (pictured left), Eventful provides a range of event design and management and incentive travel services, with brands such as Ralph Lauren and Informa among its client portfolio.
Lumgair is also a board member of industry association SITE and now joins the Aeorema Group bringing expert knowledge of smaller scale and high-value internal corporate meetings, conferences and training.
The group said it expected the acquisition to be “immediately earnings enhancing and to grow fee-based revenues”. It also gives Aeroema entry in the venue sourcing market.
Group Chairman Mike Hale said: “We are delighted to have acquired Eventful. Caroline, her team and her clients will be an excellent addition to the group.”
Eventful will continue to trade under its own name as a division of Aeorema Communications plc.
“The acquisition gives Cheerful Twentyfirst and Eventful the opportunity to join forces when tendering for new clients and working with existing clients,” Hale added.
“Recognising we are in unchartered territory with the current COVID-19 virus outbreak, we believe strengthening and adding to the company’s offerings to current and new clients supports our business model going forward.”
Lumgair said she was “delighted to be joining Aeorema’s established and respected live events agency. The synergies to be gained from the acquisition will benefit present and future clients of both Cheerful Twentyfirst and Eventful.
“When the global economy recovers after COVID-19, businesses will need events and incentives more than ever to communicate with, motive and reward their staff and customers. This is where training, strategy meetings, leadership conferences and incentives will play their part.”