SISO
Reports of my demise have been greatly exaggerated
Society of Independent Show Organisers CEO Vinnie Polito shares some thought of recent big deals and the resurgent spring market
o slightly paraphrase
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Mark Twain with the above title, this spring, this could have been uttered by the North American trade show industry. This industry continues to send an unmistakable message that optimism is both well founded and has never been higher.
This spring, particularly, a wave of mergers, acquisitions and other private equity activities demonstrates that the most sophisticated of investors increasingly view exhibitions and business events as one of the most resilient and scalable sectors of the experience economy.
Apollo Global Management plans to acquire Emerald and Questex into a single entity has caused me to scrap my planned article to share some thoughts on a topic which we are all familiar. This deal is just the latest of a busy spring which has seen significant activity. These transactions point to a broader conclusion: capital markets clearly recognise the longterm value embedded in live events and trade shows. The acquirers have been organisations quite familiar with building value in the space. Last century I was part of the COMDEX acquisition on the COMDEX team, and those multiples are being regularly seen again.
Again, preaching to the choir, but the underlying fundamentals are extraordinarily attractive.
Trade show businesses generate recurring revenue, strong customer retention, defensible market positions, and highly engaged professional communities. Flagship events often dominate their industries with little true competition, creating durable‘ must-attend’ marketplaces that are difficult to replicate. In many sectors, a leading exhibition is not merely a marketing platform – it is the central commercial gathering point for an entire industry ecosystem.
Private equity firms understand this dynamic well. They also recognise that the modern exhibition business extends far beyond a few days on a show floor. Today’ s organisers increasingly operate year-round engagement models powered by data, digital media, buyer communities, content platforms, and subscription
Vinnie Polito
“ In many sectors, a leading exhibition is not merely a marketing platform – it is the central commercial gathering point for an entire industry ecosystem” products. The combination of inperson commerce with recurring digital engagement significantly expands enterprise value and creates multiple avenues for growth. Apollo itself emphasised the strategic importance of combining exhibitions with year-round digital engagement and data-driven customer relationships.
Equally important, the industry remains highly fragmented. Hundreds of founder-led businesses and niche organisers still operate independently across North America. For private equity firms, that creates ideal conditions for consolidation strategies, operational efficiencies, cross-selling opportunities, and portfolio expansion. Investors see the ability to build scaled platforms that leverage centralised technology, sales infrastructure, customer data, and operational expertise across dozens – or even hundreds – of events.
History has shown that intense periods of acquisition are usually followed by equally impressive periods of entrepreneurship.
I asked several of SISO’ s friends in the investment banking / financial advisory space and Reed Phillips of Oaklins said it well:“ The two recent announcements, that Apollo has acquired Emerald and Questex, and the substantial investment by Searchlight Capital into CloserStill, are blockbuster deals for the events industry. They send a clear message that investors are highly attracted to trade show businesses and are comfortable that AI will not diminish these businesses”
This recent surge of activity is renewed and enhanced belief that the trade show industry is hotter than ever.
My actual favorite Mark Twain quote is the following:“ Travel is fatal to prejudice, bigotry, and narrow-mindedness.” I think that plays equally well in today’ s environment. EW www. exhibitionworld. co. uk Issue 3 2026 19