Podia Group, which is listed on the Alternative Investment Market, has agreed to acquire the Event Vision companies for an initial cash payment of £2 million ($2.8m/B3.2m), which will be raised through a share issue, and a maximum deferred payment of £11.5m ($16.3m/B18.5m) subject to the profit performance of the two companies.
EVMS was established in 1997 and provides hospitality services in F1, organising F1 weekends for individual and corporate customers throughout the season.
Its weekend packages include bespoke hospitality arrangements for F1 sponsors and corporate customers, grand prix and paddock club ticket procurement together with the organisation of accommodation and travel arrangements , including yacht and jet chartering.
EVGP was established in 1998, its principal business being the organisation and hosting of events. The most significant events managed to date are the Monaco and Silverstone F1 grand prix balls.
EVGP has venue agreements relating to the Monaco principality for the grand prix weekend and Stowe School for the British grand prix weekend. In addition to organising the venue and catering, EVGP secures sponsorship agreements for each event with major F1 sponsors including Fosters, Orange and Red Bull. Tickets for the balls are sold to both individual and corporate customers.
The Event Vision Companies were jointly- founded by Charles Feather and Paul Marshall.
