TDC sees the successful exit of Nineteen Group following the transfer of the business into the newly formed Growth Partnership Fund of Phoenix Equity Partners

23/09/2024

TDC has seen the successful exit of Nineteen Group from TDC Fund III following the transfer of the asset from Phoenix Equity Partners’ (“PEP”) flagship fund into a newly formed Growth Partnership Fund along with another PEP asset.

Nineteen Group is a London-based organiser of B2B trade shows and exhibitions which has been majority owned by PEP since November 2018. Sectors covered by Nineteen Group include security, fire, emergency services, cyber security, health & safety, workplace management, manufacturing, engineering & maintenance, building services, energy and retail technology. The business is led by Founder and CEO Peter Jones, with other key individuals being MD Alison Jackson and CFO Jon Lacey.

TDC first invested in the business in May 2023 by providing term debt primarily to facilitate the refinancing of a bridge loan. Additional funding was provided by TDC in September 2023 to support the acquisition of Oliver Kinross, a Wolverhampton-based B2B exhibitions business running four shows per year in Sydney, New York, Chicago and London.

Nineteen Group further acquired the Security Awareness Special Interest Group (“SASIG”) in January 2024 which enhanced the business’ cyber security credentials through SASIG’s networking group offering and annual event.

TDC’s debt has helped the business expand its offering to an international market with exhibitions now being hosted in the USA and Australia as well as enhancing its core market in the UK. As a result, Nineteen Group has seen significant growth in revenue and EBITDA from both organic and inorganic means, with revenue increasing by 100% to close to £50m and EBITDA increasing threefold to c.£15m during the time of TDC’s investment.

PEP’s expectation of the asset as part of the Growth Partnership Fund is for a continuation of the rapid growth experienced with TDC’s investment. TDC wishes PEP and Nineteen Group every success in the future.

Nineteen Group Founder and CEO Peter Jones said “TDC has been a highly supportive partner of Nineteen Group over the course of their investment, supporting multiple acquisitions, providing access to an international market, facilitating significant growth, and of course enhancing the offering at our shows.

TDC’s investment helped to prepare Nineteen Group for the next stage of our journey as part of the Growth Partnership Fund which is a great result for all.”

Kevin Keck of Phoenix Equity Partners added “TDC’s support of Nineteen Group has been instrumental in seeing the business expand ready for its next stage of growth. Their confidence in the management team and Phoenix’s strategy was a key contributor to the business’ success over the course of their investment.”

Tom Chappell of TDC added “It has been great to play a role in the growth of Nineteen and support the development of the business both organically and through several exciting acquisitions. We look forward to seeing the continued expansion of Nineteen in the years ahead.”