EUROPE – Tarsus Group has announced a multi-million dollar deal to sell its French conference and exhibition portfolio, as the group tightens its focus on the US and emerging markets.
Magellan VI SAS will buy 100% of Tarsus France Holdings SAS for €9.2m (US$10.18m).
Tarsus’s French portfolio includes education, marketing, IT and MICE conferences. It generated €0.9m profit and had gross assets of €24.7m for the year ending 31 December 2014.
Douglas Emslie, group managing director of Tarsus, said: “Since 2010 we have reshaped the group’s portfolio to target a greater exposure to the US and emerging markets.
“In 2009, 53% of the group’s revenue was generated in these markets and we expect this to increase to 85% in 2015.”
As previously reported in EW, the deal comes less than two weeks after Tarsus launched a joint venture to expand its reach into south east Asia, with events in Cambodia, Malaysia and Myanmar.
“Our Quickening the Pace strategy has seen us increasingly focus on economies we believe offer the best opportunity for growth,” Emslie said.
“The disposal of our French business will allow us to recycle capital and continue to invest in these higher growth economies.”
Tarsus officials said the deal was expected to be ‘modestly dilutive’ to its earnings per share in the current and future financial years. Proceeds from the sale would be used to strengthen its balance sheet and fund future growth.
The company will receive €7.2m in cash on completion and a deferred payment of €2m is expected before 31 December 2016.
The deal supersedes a 2014 agreement to sell 18% of the French business to CRG Consulting SAS.