Buyout of Clarion Events
Indigo's fourth fund invested mezzanine capital into the buyout of Clarion Events in 2004, alongside Clarion's incumbent management team and private equity investment funds managed by Hg Capital. Clarion is a leading organiser of exhibitions, events and conferences across several industry sectors, with particular strengths in gaming, financial services and retail, as well as consumer shows. As a fast growing company in the media sector, Clarion was a highly valued asset. However, the need for continuing investment in its events portfolio meant that the availability of senior ranking acquisition finance was relatively limited. Indigo's investment in Clarion bridged a funding gap in the capital structure, optimising the equity investment required and significantly enhancing equity returns. Over the course of Indigo's investment, Clarion made a number of successful acquisitions, diversifying its business into new industry sectors and more than quadrupling earnings. Indigo fully supported Clarion's acquisition programme by providing additional funds alongside senior debt providers and Hg Capital. Clarion was sold to Veronis Suhler Stevenson in a secondary management buyout in 2008.