Blackstone Inc. (NYSE:BX) has started the selling process of UK-based Clarion Events to gauge private equity interest after market disruption brought on by former US President Donald Trump’s tariff policies, according to four sources with knowledge of the situation. After purchasing Clarion for £600 million in 2017, the private equity behemoth helped the company withstand the COVID-19 crisis. According to one source, the business might now sell for about £2 billion, or about 12x its EBITDA.
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Information memoranda were distributed this month, and CVC, KKR, PAI Partners, Ardian, and Hillhouse Investment expressed interest. Clarion’s Global Sources trade fairs in China are the source of these inquiries. As events in China and Hong Kong improved, Clarion recently reported a revenue rise to £432.9 million for the 12 months ending January 2024, up from £257 million the year before.
Following the volatility of the tariff, the prospective Clarion deal would rank among the biggest private equity deals. Blackstone Inc. postponed the process in anticipation of stability after Trump’s tariff announcement on April 2 caused the biggest dealmaking slump in 20 years. The company observed that Clarion has controlled expenses despite pressure and that its cash flows are above budget.
Recent agreements like KKR’s $3.1 billion OSTTRA sale and Prada’s $1.38 billion Versace acquisition show that the sentiment has improved following the U.S.-China tariff truce.
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