GL events has announced the acquisition of 70 per cent stake of Dubai-based Wicked and Flow. These companies are deemed to be leading providers of premium event solutions in the United Arab Emirates.
Created in 2007 and 2010, respectively, Wicked and Flow specialised in temporary structures and indoor fixtures, power and cooling units. They have a combined staff of 100 employees.
The move follows on from developing a power generation business line in Brazil. GL Events group has said it is now seeking to expand this complementary activity to the event market in other regions.
“The acquisition of Flow, with its successful track record in developing the power generation market, will contribute to this objective,” GL events said in a statement.
Starting in 2018 the impact of these companies under the GL Events portfolio are expected to generate approximately €20 million in revenue.
GL Events said the founders and management team of the acquired companies will remain actively involved for several years “in order to ensure the total success of the development projects”.
Established in the United Arab Emirates since 1997, GL events group has reinforced its position in the Middle East, in preparation for major upcoming events lined up in the years ahead, including Asian Football Cup 2019 in the United Arab Emirates, the World Expo 2020 in Dubai, 2022 FIFA World Cup in Qatar.
These acquisitions will also open up new growth opportunities in Africa.