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May 6, 2015
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UK: Private Equity Group Completes £300m NEC Acquisition




The £307 million sale of the NEC Group of venues has been completed.

Private equity firm LDC, part of the Lloyds Banking Group, has finalized the purchase, which includes the National Exhibition Centre (NEC) and International Convention Centre (ICC), from Birmingham City Council. 

The venues were sold off to meet a wage bill of more than £1 billion, and Birmingham City Council is retaining the freehold of all sites.

LDC CEO Martin Draper said: “The NEC Group is an outstanding business with excellent growth prospects. We are looking forward to supporting the management team in its next phase of development and unlocking further opportunities across the business.”

Paul Thandi, CEO of the NEC Group added: “We are at the start of a dynamic and different period for the NEC Group, with our management and staff motivated to realise our ambitions and accelerate our growth strategy under new ownership alongside LDC."

Read more at MeetPie.com...
 


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