Communications and event management specialist MCI Group Holdings has bought Ovation for undisclosed terms.
Communications and event management specialist MCI Group Holdings has bought Ovation for undisclosed terms.
Geneva-based MCI has purchased Ireland’s leading events, meetings and destination management company completing its fourth acquisition in two years.
The deal will see Ovation’s events and conference business in Ireland re-brand as MCI Dublin and MCI Belfast, the home of Ovation’s two offices and more than 50 staff.
The deal also entails the re-branding of MCI’s destination management business worldwide as Ovation International.
MCI is an existing client of Deloitte Switzerland and received transaction support from Deloitte’s Irish firm, including due diligence, audit, tax and advice on the share purchase agreement.
The Deloitte team was led by David Carson, head of M&A Transaction Services in Deloitte Ireland, who was assisted by director Craig Bale.
Tax advice to MCI was provided by senior specialist tax manager Graham Hall.
Legal and employment adviser to the buyers was Dublin-based solicitor Eugene F. Collins, led by partner Eileen Grace, senior associate Joy Compton, with assistance from partner Maura Connolly.
Marketing manager at Eugene F. Collins Sandra Farrell said: “Due to the synergy between the parties and their shared vision for the future the transaction was able to be completed within a short time period.”
Co-founder and managing director of Ovation Group Patrick Delaney said: “Ireland is set to benefit enormously from this merger as Dublin, Belfast and other key events and meetings locations in Ireland will now be offered to MCI’s considerable customer portfolio in the corporate and institutional sectors.”
The purchase is the most recent in MCI’s five-year expansion strategy through acquisitions and mergers with agencies, meetings management companies and venue finders. The firm acquired Vienna-based event management company Procon in June, Inspiro of Gothenburg in February and Stockholm-based Stocon in May last year; the latter two being management firms.
The Ovation Group’s turnover last year was €15 million (£10.05 million), it was listed as one of the top 50 companies in Ireland to work for this year by the Irish Independent publication.
MCI was founded in 1987 and employs more than 600 staff with a turnover last year of €118 million (£79 million).
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