QInvest, Qatar’s leading Investment bank, has sold its stake in Asian Business Exhibitions and Conferences (“ABEC”), India’s leading trade exhibition organizer, to ITE plc, the London-listed global trade exhibition organizer focused on emerging markets.
Commenting on the transaction, Tamim Hamad Al-Kawari, QInvest’s newly appointed CEO, said: “QInvest’s successful realization of its investment in ABEC shows the firm’s capability in private equity and its ability to manage and profitably exit investments in a difficult economic environment”
Franco Danesi, QInvest’s representative on ABEC’s Board of Directors, commented saying: “ABEC has been a great investment for QInvest. We are delighted to have contributed to their continuing success by facilitating a strategic tie-up with ITE, which will surely strengthen ABEC’s capabilities by providing global reach and best practices”
S. M. Gandhi, ABEC’s Chairman, said: “QInvest has been a great partner for ABEC and helped us tremendously in building the foundations for our next phase of growth. We are delighted to be working with a great partner such as ITE, who shares with us a strong belief on India’s prospects in our industry”
ABEC runs 19 exhibitions across 11 vertical markets including architecture, design, construction, education, lifestyle, real estate and oil & gas.
Characterized by strong local management and with 2012 revenue c. USD 20 million, ABEC’s 8% market share makes it India’s largest exhibition organizer. ABEC’s portfolio of events is complementary to ITE’s existing exhibition interests in India and the two businesses shall be run concurrently.