ite group

Olswang‘s longstanding client ITE has had a boost from VS&A, a private equity affiliate of the New York-based media merchant bank Veronis Suhler.

VS&A has agreed to subscribe to approximately £30m in cash for a 17.12 per cent shareholding in ITE, which will establish a partnership with Veronis Suhler, allowing ITE to accelerate its development as an exhibition organiser in emerging markets.

Olswang is sole legal adviser to ITE, which will use the £30m investment alongside another £9.68m it expects to raise through a placing and open offer to fund investment and acquisition opportunities. It will also be used to pay off group debt.

Veronis Suhler will use the deal as a way of spearheading its own growth plans across Europe – using ITE as a platform to make investments. VS&A is advised by Allen & Overy.

Olswang corporate partner Stephen Hermer was called in on the deal three months ago and expects to complete it next month when it should receive shareholder approval.