Tarsus snaps up two exhibitions firms in US and Turkish markets

 
Oliver Smith
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EXHIBITIONS firm Tarsus has bought the whole of HealthScienceMedia (HSM), a US medical exhibitions firm, and 60 per cent of SADA Uzmanlik Fuarlari, the firm behind Turkey’s largest construction exhibition Komatek.

Tarsus also said it successfully placed 5m new shares, raising gross proceeds of £10m to maintain the strength and flexibility of its balance sheet in the wake of the new acquisitions.

“Both are exciting events in markets where we have established a strong presence and which we believe are likely to show further growth,” said Tarsus group managing director Douglas Emslie.

“Cardio [the exhibition run by HSM] will bring greater access to the important US market for our wider medical division and Komatek delivers critical mass to our construction events in Turkey and Indonesia,” he added.

Tarsus said the purchase of HSM will cost around £8.5m while the stake in Komatek amounts to £5.6m.

“Tarsus’s two acquisitions this morning extend its franchise portfolio and consolidate its position in two interesting but different markets,” said Edison Investment Research analyst Fiona Orford-Williams.

“The Cardio congress adds further mainstream medical exposure in a fast-growing field of the substantial US market, while the Komatek construction equipment show gives scale to the Turkish activities.”