Blackstone’s Clarion Events Sale: A Goldmine in the Post-Pandemic Events Boom

The events industry is roaring back to life, and Blackstone’s decision to sell its Clarion Events stake at a £2 billion valuation marks a pivotal moment in the sector’s consolidation phase. With EBITDA growth surging to £150 million in FY2024 and a portfolio of 125 global events, Clarion stands as a prime asset for buyers seeking exposure to the rebounding live-event economy. This sale isn’t just a corporate exit—it’s an invitation to capitalize on a sector primed for growth. Let’s dissect why now is the time to act.

A Fortress of Diversification

Clarion’s diversified revenue streams are its crown jewel. With 30% of revenue from North America, 30% from Asia, and 40% from Europe, the company is insulated against regional downturns. Its events span sectors like gaming (e.g., E3), defense (Farnborough Airshow), and consumer tech (CES), ensuring steady demand across industries. Even its 25% China revenue exposure—via subsidiaries like Global Sources—carries long-term upside, as Asia’s trade volumes rebound despite U.S. tariff noise.

Valuation Dynamics: A 12x Multiple for 12% Growth

Clarion’s £2 billion valuation implies a 12x EV/EBITDA multiple, a figure that’s fairly priced given its post-pandemic trajectory. Compare this to Hyve Group’s 2023 buyout (22.1x EV/EBITDA) or Ascential’s recent acquisition (11.5x post-synergies). While Hyve’s premium reflected its health-tech focus, Clarion’s broad portfolio and geographic reach offer similar upside. Buyers can leverage its 12% annual EBITDA growth (from £237 million in FY2023 to £432.9 million in FY2024) to justify higher multiples as the sector matures.

Why Now? The Perfect Exit Timing

Blackstone’s timing is impeccable. The private equity giant bought Clarion in 2017 for £600 million, injecting another £100 million during pandemic lows. Now, as live events rebound—driven by pent-up demand for networking, trade shows, and experiential marketing—the sector is ripe for consolidation. The £2.6 billion ask reflects a 433% paper gain for Blackstone, but for buyers, it’s a discount to future value.

Consider the M&A frenzy already underway:
- Hyve Group’s HLTH acquisition (health-tech events) signaled a 23% premium for sector leaders, backed by 35% organic growth.
- Ascential/Informa’s £1.2 billion deal validated the 11–12x multiple range for event portfolios, with synergies driving further upside.

Clarion’s hybrid event capabilities—evident in its Infocast and Global Sources platforms—add a digital layer that rivals lack, positioning it as a future-proof asset in an era of hybrid engagement.

Risks? Yes—but the Upside Outweighs

Skeptics will cite China-U.S. trade tensions or overvaluation concerns. Yet:
1. 80% of Clarion’s Asian revenue avoids direct tariff impact, mitigating geopolitical risks.
2. The $316 million proforma revenue Hyve achieved post-HLTH integration shows how strategic buyers can boost margins.
3. The 12x multiple is below Hyve’s 2023 premium, offering a margin of safety.

A Call to Action: Buy Now, Reap Later

This sale isn’t just about Clarion—it’s a bellwether for the entire sector. With private equity firms like CVC, KKR, and PAI Partners circling, the bidding war could push valuations higher. For investors, the path is clear:
- Short-term: Use the sale as a catalyst to buy shares of event-driven companies (e.g., Informa, Tarsus).
- Long-term: Target Clarion’s buyer post-acquisition for its 190,000+ annual meetings and 60% YoY growth in attendance.

The post-pandemic era isn’t just about recovery—it’s about reimagining what’s possible. Clarion’s sale is the starting gun for investors to own a piece of it.

Act now—the next wave of sector consolidation won’t wait.