Eventful acquired by Cheerful Twentyfirst owner Aeorema
Aeorema Communications, owner of creative agency Cheerful Twentyfirst, has announced the acquisition of London-based boutique events agency Eventful Ltd.
Mike Hale, AEO chairman, said: “We are delighted to have acquired Eventful. Caroline, her team and her clients will be an excellent addition to the Group. The incentive travel sector, a multibillion-pound market, needs specialist skills and knowledge which Eventful will bring. We will concentrate on delivering logistics and value, in addition to creative and inventive solutions for our clients.”
Eventful will continue to trade under its own name as a wholly-owned division of Aeorema Communications plc alongside Cheerful Twentyfirst.
“The acquisition gives Cheerful Twentyfirst and Eventful the opportunity to join forces when tendering for new clients, and working with existing clients, where the combination of the two companies’ skills will be highly complementary,” added Hale. “Recognising we are in unchartered territory with the current COVID 19 virus outbreak, we believe strengthening and adding to the Company’s offerings to current and new clients supports our business model going forward.”
Caroline Lumgair, founder of Eventful, said: “I am delighted to be joining Aeorema’s established and respected live events agency. The synergies to be gained from the acquisition will benefit present and future clients of both Cheerful Twentyfirst and Eventful.
“When the global economy recovers after Covid 19, businesses will need events and incentives more than ever to communicate with, motive and reward their staff and customers. This is where training, strategy meetings, leadership conferences and incentives will play their part.
“The combination of Eventful’s specialist knowledge of venue sourcing in the luxury market and our growing incentive travel expertise with Cheerful Twentyfirst’s event experience and service offering will enable us to offer clients a full-service end-to-end solution. With my team, I look forward to helping Aeorema enter new markets and exploring the opportunities for further growth that this acquisition provides the group as a whole.”
Aeorema is paying £353,422 in cash and the rest in shares, issuing 187,500 shares at 14 pence each. It could also pay a further £100k in cash depending on Eventful meeting some revenue targets.
A spokesperson for Aeorema added: “The group’s decision to continue with the procurement of Eventful is made in full confidence, despite the challenging global situation unfolding due to COVID-19. The deal notably marks Aeorema’s conviction in the future and recovery of the events and MICE industry. Eventful’s services have already proven to diversify and enhance the group’s offering with senior black book introductions and opportunities for cross-selling well underway.”
Global creative agency Cheerful Twentyfirst has a 30-year history of producing creative, events, video and communications. The B2B agency focuses on delivering for brands, with services including creative strategy, event production, event management, moving image and communications production.
Founded in 2002 by Caroline Lumgair, Eventful provides venue sourcing, event design and management and incentive travel services, primarily in the luxury events sector. The agency counts brands such as Ralph Lauren and Informa among its portfolio of clients across multiple industries, including manufacturing, oil and gas, professional services, luxury retail, entertainment and finance.
As a board member of the Society for Incentive Travel Excellence (SITE) Great Britain Chapter, Lumgair is a well-known figure in the sector. Lumgair and team will be working within the Aeorema Group, providing specialist knowledge into the organisation of smaller scale and high-value internal corporate meetings, conferences and training.
The acquisition, which is immediately earnings enhancing and expected to grow fee-based revenues, gives Aeorema entry into the venue sourcing and incentive travel markets, enabling the company to provide a full-service events solution to clients.
Published Date: 25/03/2020