Hyve Group PLC (LON:HYVE) has confirmed it is looking at ways to raise money following reports at the weekend of a possible investment by private equity group Carlyle.
In a statement, events group Hyve said it was “currently considering its funding options to give the company the greatest flexibility to accelerate its post-pandemic growth and capitalise on the current market disruption”.
The reports suggested Carlyle is considering investing up to £250mln, which would require shareholder approval.
Hyve raised £126mln almost a year ago through a rights issue to help get it through the pandemic which led to swathes of events being cancelled.
The group, which runs event such as Mosbuild in Moscow, Mining Indaba and Shoptalk, announced an interim profit of £18.7 mln last month compared to a loss of £169mln a year ago as some trade shows have resumed again.
Insurance payments for cancelled events have also brought in £60mln this year and the group is said to be looking at expansion through acquisitions with any money raised.
“Management also has a clear vision of the future as has been demonstrated by the ongoing evolution of the omnichannel strategy and the successful rollout of further online Meetup events,” said today’s statement.
Carlyle is one of a raft of private equity businesses that have been spending heavily in recent months and last month agreed to buy healthcare group Vectura for £960mln.
Infrastructure firm John Laing and property developer St Modwen also both agreed to be acquired by private equity firms in the last month.