MML, Sports Investment Partners-backed Arena Group to float
Arena Group, the events services business backed by MML Capital Partners and Sports Investment Partners, is set to join the AIM.
The company has confirmed its intention to float and is seeking to raise £63.1m (€70.9m) through the sale of new and existing shares. Around £45m of the proceeds will be used to pay down debt.
MML and Sports Investment Partners invested £16.5m in Arena Group in February 2012, a deal which reduced leverage and provided cash to fulfil projects for that year’s Olympic Games. It secured a refinancing package from HSBC and PNC Bank last year.
Arena Group intends to increase its presence abroad, initially in the US, and broaden its product portfolio outside of its main UK market. It will also pursue bolt-on acquisitions.
Arena Group provides temporary physical structures, including seating and interiors, for major sporting events. It has supplied Wimbledon for 67 years and The Open Championship for 38 years.