Addleshaw Goddard's Dubai Corporate team has advised the shareholders of Wicked Tents LLC ("Wicked") and Flow Air & Power Solutions LLC ("Flow") on the sale of a majority stake in both companies to global events company GL events.
Wicked and Flow provide premium furnished and powered accommodation for high profile events in the GCC, such as the DP World Tour Championship, a golf tournament on the PGA European Tour and the climax of the European Tour Race to Dubai, and have a client list that includes public sector and multinational corporates.
Both companies are well-positioned in the UAE market and are expected to grow, given a series of major global events scheduled in the region including the Asian Football Cup 2019 in the United Arab Emirates, the World Expo 2020 in Dubai and 2022 FIFA World Cup in Qatar.
Commenting on the deal, Darren Harris said: "We are proud to have advised the shareholders of Wicked and Flow on their divestment to GL events. Wicked and Flow are dynamic businesses led by an entrepreneurial management team that are ideally placed to service the events industry at a time when there are so many significant global events taking place across the GCC. This transaction is one of a number of M&A mandates on which our dedicated Corporate M&A team has been engaged, a positive sign that the appetite for M&A transactions in the GCC remains strong."
Alastair McDonald, Managing Director at Wicked and Flow stated: "The AG team provided commercially astute advice to the shareholders and the management team throughout the deal and their drive to get the deal across the line was incredibly impressive."
Our Dubai practice operates as a regional hub supporting clients with diverse business interests, both on the ground in the United Arab Emirates and across both the Gulf region and Africa.