NVM backs ex-Ithaca management team

The former management team of Ithaca Business Media has secured £7 million from NVM Private Equity to fund a new business. CloserStill Holdings has been created to purchase mid-sized exhibitions and event businesses, which the management team believes it can sell on to larger players.

According to NVM, which backed Ithaca Business Media’s £14 million management buy-out in 2005, there is currently an appetite in the events industry to acquire exhibitions and event businesses, but a dearth of target companies due to recent consolidation in the sector.

The new management team is headed by Andy Center, ex-CEO of Ithaca and Phil Soar, ex-chairman of Ithaca. It also includes Phil Nelson and Michael Westcott, the respective heads of Ithaca’s flagship exhibitions Internet World and Leisure Industry Week.

Peter Hodson (pictured), an investment manager at NVM who led the deal for the firm, comments: ‘Both [Center and Soar] have generated great returns for investors on numerous occasions including for NVM through our investment in Ithaca.’

The venture capitalist has invested £4 million initially, making a further £3 million available to fund acquisitions.

No bank debt was raised in connection with the funding. CloserStill plans to make up to ten acquisitions over the next three years.