Arena Group raises UKÂ£16.5 million
Event overlay design and management solutions entity the Arena Group, which has been involved in this year's London Olympics and has previously worked at the Wimbledon tennis championships and The Open golf championship, has raised UK£16.5 million in equity fundraising in partnership with specialist sports fund Sports Investment Partners (SIP), and growth capital investor MML Capital.
According to a release announcing the deal, SIP and MML Capital 'will together take a significant minority stake in the leading international event services company, supporting the existing management structure with its plans to develop the global business.'
Matthew Wheeler, managing partner at SIP, will take over as chairman of the Arena Group.
“Arena is a highly visible, successful company, synonymous with world-class performance and the very best in sporting endeavour," said Wheeler. "Growth continues to be steady in the global sports market and Arena is now well positioned to be part of that global growth.”
“It gives us great flexibility at a time when we are looking to expand beyond our current bases in the UK, Portugal, Abu Dhabi, Singapore and Dubai to reach excellent new opportunities in the Far East," said Arena Group chief executive Greg Lawless.
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