HgCapital, the UK-based mid-market private equity firm, has sold promotional events company Clarion Events to a US buyout rival for three times more than the firm bought it for three years ago, securing a 34% internal rate of return.
Veronis Suhler Stevenson, a specialist media buyout group based in the US, acquired Clarion in a secondary buyout from Hg for £120.5m (â¬159.7m), according to a statement earlier today from Hg.
