ITE Group acquires beauty exhibition owner

15th Oct 2013 07:59

ITE Group, which specialises in emerging and developing markets, has acquired Platform Exhibitions from Mahmut and Ayse. The acquisition, which was made by the group's Turkish subsidiary, will be financed out of the group's existing balance sheet and the acquisition is expected to be earnings enhancing in the first full year of ownership.Platform is the owner of a beauty, personal care and cosmetics exhibition called Beauty Euasia, which is held in Istanbul in June each year and is the leading event of its kind in Turkey. The ninth edition was held this year and sold more than 8,000m2 net and was attended by over 21,000 professional visitors. TE's Chief Executive Officer, Russell Taylor, said: "Beauty Eurasia is the leading beauty and personal care exhibition in Turkey. The addition of this exhibition to ITE's Turkish business is consistent with our strategy of building market leading positions in core markets and sectors. "The beauty and personal care industry is a growth sector in developing markets and with this acquisition, ITE will leverage its international exhibition expertise to develop further its position and benefit from a wider portfolio within this sector."NR