LDC has today announced that it has completed its acquisition of The National Exhibition Centre Group (“NEC Group” or “the business”) from Birmingham City Council. Completion follows on from the parties entering binding agreements in mid-January 2015.
The transaction values the business at around £307million and brings together two of the most prominent names in the Midlands’ business landscape. LDC will now work alongside the NEC’s management team to deliver further strategic organic and acquisition-led initiatives across all business channels, both in the UK and overseas.
Martin Draper, LDC’s Chief Executive Officer 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, Chief Executive 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. Being part of the private sector now enables us to capitalise on our market-leading positions in venue management, ticketing and catering with a greater emphasis on speed and capital investment where required or prompted by acquisition. These opportunities can enhance the future of the business, ensuring the Group remains a cornerstone of the region’s economic prospects"