There’s nothing particularly untoward about UBM’s latest acquisition. The exhibitions group is forking out $485 million for Allworld Exhibitions, an Asia-focused trade shows business.
Allworld has plenty to recommend it. It’s focused on some of the most exciting markets in Asia, from Singapore and Malaysia to Thailand and Indonesia. It has some solid footholds in food and hotels, easily its biggest sector, as well as in plastics and packaging, and it gives UBM its first trade shows in oil and gas, perhaps at a favourable point in the energy cycle.
It is skewed towards bigger, splashier shows that customers regard as essential to exhibit at and visitors to visit. These should produce reliable profit streams.
Revenues have grown by an average of 7.3 per