Sale of Birmingham NEC complete
The sale of the National Exhibition Centre Group to private equity firm LDC has been completed.
Birmingham City Council had entered a binding agreement on the deal in January.
It valued the business at around £307 million.
LDC, the private equity arm of Lloyds Banking Group, will now work alongside the NEC's management team to deliver initiatives across all business channels, both in the UK and overseas.
Martin Draper, LDC's chief executive, said: "The NEC Group is an outstanding business with excellent growth prospects. We are looking forward to supporting the management team in its next phase of development and unlocking further opportunities across the business."
Paul Thandi, chief executive of the NEC Group, added: "We are at the start of a dynamic and different period for the NEC Group, with our management and staff motivated to realise our ambitions and accelerate our growth strategy under new ownership alongside LDC.
"Being part of the private sector now enables us to capitalise on our market-leading positions in venue management, ticketing and catering with a greater emphasis on speed and capital investment where required or prompted by acquisition. These opportunities can enhance the future of the business, ensuring the group remains a cornerstone of the region's economic prospects."
As well as the NEC, which hosts Crufts, the group also runs the Barclaycard Arena (formerly the National Indoor Arena), the Genting Arena (once the LG Arena) and the International Convention Centre.
The city council is keeping the freehold on all the NEC sites.
Under the deal existing use of all the venues and the Symphony Hall is protected.
