The UAE-based investment firm, International Holding Company (IHC) has completed the acquisition of a majority stake in the UK-based event structure and entertainment services business, Arena Events Group (Arena).
The purchase of a 70 percent stake in Arena for a total consideration of nearly $65 million marks IHC’s entry into the global event and semi-permanent structures industry and will provide a significant international boost to IHC’s multi-sector and diversified portfolio.
One of the world’s largest event and hospitality structure companies, Arena provides turnkey event solutions, such as temporary physical structures, modular construction, seating and grandstands, ice rinks, and interior fit-out for an extensive portfolio of major sporting, outdoor and leisure events in the UK, North America, Middle East and Asia.
“As the world emerges from a period of marked disruption to the events industry, bolstered by the global rollout of vaccination programs and the opening up of international markets, we see great opportunity for rapid growth in this sector. We have already seen this bear fruit with Arena’s exciting new projects, including the Commonwealth Games in Birmingham, the two newest Formula 1 Grands Prix in Miami and Jeddah, and golf events like the CJ Cup in Korea.”
As part of the transaction, TasHeel Holding Group, Arena’s existing largest shareholder, will join with IHC to enrich the company’s highly regarded industry reputation, heritage and talented pool of employees. Mr. Paul Berger, the current Arena EMEA CEO, will become Arena’s Global CEO.
Commenting on the acquisition Mr. Berger, remarked, “I believe that this investment is a testament to both the immense potential that Arena has as a business, as well as the reputation that we have earned for delivering outstanding results for all our clients, including some of the largest events in the world. Arena’s focus has always been on its clients, and this investment will enable us to continue to enhance the quality, speed and efficiency of our delivery, which will in turn positively impact each of our clients’ projects.”
“IHC aims to provide Arena the backing to strengthen the foothold and capabilities of each of its territory headquarters in the UK, Asia, the Americas, Europe and the Middle East. With IHC’s expansive business channels, reach and presence, we believe we are now exceptionally placed to catapult Arena’s growth trajectory,” the newly appointed Chairman of the Arena Events Group, Mr. Peter Abraam, said.