Staging Connections continues buying spree

Singapore - Staging Connections (STG) has completed its takeover of local event agency, The Event Company Staging Connections (TECSC) and fully acquired UK-based Essential Lighting Group in a take-over worth A$17 million (S$22.76 million).

The deals are effective today. It acquired the remaining minority interest of 30% for its complete ownership of TECSC. The finalisation deal is worth A$3 million (S$4.02 million) consisting of a mix of cash and STG shares. It expects this move to will boost net profit after tax by A$0.4 million (S$0.54 million) in the 07/08 financial year.

Essential Lighting is a event lighting organisation and leads the European live events market, providing lighting solutions for the region's major corporate and entertainment events. This buy could likely be in cash will enhance STG's European, Middle East and African operations giving it a boost to enter the live events market in the regions.

"Essential Lighting is an excellent fit with our growing network of global event services. It is internationally recognised for its creative energy and technical lighting services with a strong management team, a stable core employee base of 60 and a strong track record of revenue and earnings growth," STG chief executive Michael Gardner said.

Marketing reported in early October, STG's part acquisition of ETG (China and Hong Kong) and Techmex (Singapore and Malaysia) together with the acquisition of 100% of Techmex Event Production (China). The South-East Asian and China region now accounts for annual revenue of A$40 million(S$53.56 million).