U.K.-based Tarsus Group Sells Off Events in France
July 18, 2015
U.K.-based Tarsus Group reached an agreement to sell 100 percent of Tarsus France Holdings SAS to Magellan VI SAS for approximately £6.6 million ($10.3 million).
The sale supersedes an earlier agreement, announced on Jan. 8, 2014, in which Tarsus sold 18 percent of the French business to CRG Consulting SAS.
“Since 2010 we have reshaped the Group’s portfolio to target a greater exposure to the U.S. and emerging markets,” said Tarsus Group Managing Director Douglas Emslie.
He added, “In 2009, 53 percent of the Group’s revenue was generated in these markets and we expect this to increase to 85 percent in 2015 on a pro-forma basis. Further, our “Quickening the Pace” strategy has seen us increasingly focus on economies we believe offer the best opportunity for growth. The disposal of our French business will allow us to recycle capital and continue to invest in these higher growth economies.”
Core to the Tarsus’ “Quickening the Pace” strategy, which is focused on accelerating the financial returns to shareholders, is the targeting of fast-growing economies of the emerging markets and the U.S.
The French Business, which owns a broad portfolio of exhibitions and conferences in France that coved sectors including education, marketing, IT and the events and meetings industry, generated a profit before tax for the year ended Dec. 31, 2014, approximately £0.6 million.
Tarsus will receive approximately £6.6 million ($10.3 million) in cash for the French business. Approximately £5.2 million ($8.1 million) will be received at completion, and a deferred payment of approximately £1.4 million ($2.2 million) is expected to be received prior to Dec. 31, 2016.
At completion of the total sale, the French business will be owned as 50.03 percent by CRG and 49.97 percent by Fonds de Consolidation et de Développement des Entreprises II.
Partner Voices
MGM Resorts is committed to fostering an inclusive and diverse culture, not just among employees and guests but also within its supply chain. The company prioritizes procuring goods and services from businesses owned by minorities, women, veterans, people with disabilities, LGBTQ individuals and those facing economic disadvantages. This commitment is integral to MGM Resorts' global procurement strategy.
Through its voluntary supplier diversity program, MGM Resorts actively identifies and connects certified diverse-owned suppliers to opportunities within its supply chain. The company is on track to spend at least 15% of its biddable procurement with diverse-owned businesses by 2025, demonstrating that supplier diversity is not only a social responsibility but also a strategic business imperative.
Supplier diversity isn’t just the right thing to do – it’s good for business. A diverse supply chain allows access to a broader range of perspectives and experience, helping to drive innovation, entrepreneurship and resilience, while strengthening communities. At MGM Resorts, engaging diverse suppliers ensures best-in-class experiences for guests and clients. Supplier diversity ensures a more resilient supply chain while supporting economic development in the communities in which it operates.
The impact of MGM Resorts' supplier diversity initiatives is significant. In 2023, these efforts supported over 3,500 jobs across more than 30 states, contributed over $214 million in income for diverse-owned businesses and generated more than $62 million in tax revenue. The story extends beyond the numbers – it reflects the tangible benefits brought to small and diverse-owned businesses, fostering economic empowerment in their communities.
MGM Resorts also supports the development and business skills of diverse-owned businesses through investment, mentorship and education. Through the MGM Resorts Supplier Diversity Mentorship Program, the company identifies, mentors and develops diverse-owned businesses to fill its future pipeline, while providing businesses with tools and resources to empower and uplift. Since 2017, the program has successfully graduated 105 diverse-owned businesses and is on track to achieve its goal of 150 graduates by 2025.
MGM Resorts’ commitment to supplier diversity not only enhances its business operations but also plays a crucial role in uplifting communities and fostering economic development. This approach reinforces the idea that diversity is a powerful driver of innovation and resilience, benefiting both the company and the wider community.
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