The boards of two of Italy’s biggest trade show organizers, Rimini Fiera and Fiera di Vicenza, on Friday approved the integration of the two trade shows. This follows the signing of a letter of intent inked in May.
Lorenzo Cagnoni will hold the title of president and chief executive officer, while Matteo Marzotto will become vice president of the new entity, the name of which was not revealed.
Marzotto said he was especially pleased with the agreement, which joins two leading trade shows. “With this operation, the paradigms of the Italian trade show system will change, enhancing an industrial project of great stature.”
This agreement is “the first example of integration” of trade shows in Italy, noted Cagnoni.
In May, Marzotto, who is also president of Fiera di Vicenza, said the new entity could be eyeing an initial public offering in the first quarter of 2017 on the Milan Stock Exchange.
“The combined entity will become the first trade show in Italy in terms of profitability, the second in terms of revenues, the first in terms of leverage and the first in terms of number of products with high added value,” observed Marzotto.
The combined trade shows in 2016 are expected to generate earnings before interest, taxes, depreciation and amortization of 23 million euros, or $26.2 million at current exchange, and aggregated sales of around 120 million euros, or $136.8 million.
Fiera di Rimini has built one of the most important fairs on wellness in Europe.
Rimini Fiera, founded more than 60 years ago, includes 41 highly specialized trade shows, of which 11 are international, mainly organized directly, covering food and beverage; green; technology; entertainment; tourism; transport and wellness, as well as managing the city’s conference stadium, Palacongressi.
Fiera di Vicenza, founded in 1948, organizes Italy’s leading jewelry and watch fair VicenzaOro, among other lifestyle trade shows, as well as also being recognized as a cultural hub and being active in organizing conventions and summits. In 2015, it posted revenues of 36.8 million euros, or $40.8 million at average exchange, up 14.5 percent compared with 2014.
In February, Fiera di Vicenza said it was considering an IPO, as reported.