RUSSIA - Emerging market specialist ITE Group has acquired Russian exhibition business Krasnodar Expo from its owners, a group of private shareholders.
Based in the south of Russia, Krasnodar has a portfolio of over 20 exhibitions with annual volume sales of around 50,000sqm. The largest events serve the construction and agriculture industries, which complement ITE’s existing portfolio.
The business reported an operating profit before tax of about US$3m for 2010. ITE bought the company for $14m, payable in cash, with half deferred awaiting confirmation of audited figures.
“Krasnodar has a strong regional market position in the South of Russia which fits well with current business,” said ITE CEO Russell Taylor. “Krasnodar’s portfolio is complementary and the addition of this business is consistent with the strategy of expanding our regional presence.”
ITE acquired MVK, another Russian exhibition organiser, in late 2010.
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