Arena Events Group PLC Completion of Aztec Shaffer Acquisition (5104W)
April 26 2021 - 01:00AM
UK Regulatory
TIDMARE
RNS Number : 5104W
Arena Events Group PLC
26 April 2021
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES
OF ARTICLE 7 OF EU REGULATION 596/2014 (AS AMENDED) (WHICH FORMS
PART OF DOMESTIC UK LAW PURSUANT TO THE EUROPEAN UNION (WITHDRAWAL)
ACT 2018) ("EUWA")). UPON THE PUBLICATION OF THIS ANNOUNCEMENT VIA
A REGULATORY INFORMATION SERVICE, THIS INSIDE INFORMATION IS NOW
CONSIDERED TO BE IN THE PUBLIC DOMAIN.
26 April 2021
ARENA EVENTS GROUP PLC
("Arena" or the "Company")
Completion of Aztec Shaffer Acquisition
Arena Events Group plc (AIM: ARE) is pleased to announce that,
further to the announcements of 7 April and 16 April 2021, Arena
and the Co-Bidders have completed the acquisition of Aztec Shaffer.
Arena now holds a 50% equity stake in Aztec Shaffer and now has
management control of the business.
Aztec Shaffer comprises two businesses, Aztec Events & Tents
and Shaffer Sports & Events. Aztec is a very similar business
to Arena Stuart, the US operations of Arena Events Group, based in
California. It has a diversified customer and event base with its
products including party/wedding tents as well as tables, chairs,
linens, table top items, dance floors and decorative items. The
significant majority of Shaffer's historical revenues has come from
golf, supporting in excess of 15 tournaments a year including the
Players Championship and the Presidents Cup. Other sports served by
Shaffer include motorsports and horse racing. Shaffer's focus on
sports is well aligned with Arena Events Services who have a
broader customer mix and also serves many events outside of the
sporting world.
Aztec Shaffer has suffered a significant reduction in revenues
over the last 15 months, compounded further by the 363 bankruptcy
of the business. As a result of the bankruptcy, the multi-year long
term contract with the US Tour has been replaced by a short term
amended contract up to the end of December 2021. All the other
significant contracts have been retained and the company will
commence discussions with the US Tour with a view to securing a new
multi-year contract over the coming months.
Greg Lawless, Chief Executive Officer of Arena commented:
" I am delighted we are able to welcome Aztec Shaffer to the
fold. They have an excellent 40 year heritage in a key US territory
with state of the art equipment following significant investment in
recent years. We will immediately start to work with their senior
management to rebuild the business back to pre-Covid levels. These
efforts will be helped by the gradual reopening of the events
market over the next few months.
The acquisition will broaden the Group's North America tenting
presence operating from a brand new, purpose built operational
facility in Houston, Texas, extending the Group's US event
furniture rental business operating from a warehouse and showroom
facility based in downtown Houston, the fourth largest city in the
US.
We are confident that the business fits exceptionally well with
the Arena ethos of delivering premium quality solutions for our
customers. We are, therefore, delighted to welcome the Aztec
Shaffer team to the Arena Group and to help us deliver the Arena
Standard across an even larger part of the US market."
Defined terms in this announcement shall have the same meaning
as those in the RNS release on 29 March 2021.
Enquires:
Arena Events Group plc Via Alma PR
Greg Lawless (CEO) +44(0)207 397 8900
Steve Trowbridge (CFO)
Cenkos Securities (Nomad and
Broker)
Max Hartley, Max Gould (Corporate
Finance)
Julian Morse (Sales)
Alma PR (Financial PR) +44(0)203 405 0205
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END
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