Madison Communications Pvt Ltd has ventured into the international market with the acquisition of 24.5 per cent stake in Penada, a Bangkok-based event management and allied services company for an undisclosed sum of money.
Penada is a 10-year-old integrated event management company with a current turnover of nearly Rs 10 crore. The company has grown aggressively in the last few years and has even more aggressive growth plans in the near future.
Commenting on the development, Sam Balsara, Chairman and Managing Director, Madison World, said, “We took a decision some time ago to look beyond India and have been looking to identify high growth opportunities in neighbouring countries. In our business, it is all about people and Niti na Songhkala, CEO of Penada, impressed me with his passion and track record. Some of the international events and shows handled by Penada have been very innovative and successful. And I thought it was a good opportunity for us to pitch our tent in South East Asia.”
“At Madison, we are always on the lookout for innovative projects and areas and Lara Balsara in her role as Diversification Manager has identified several that we are evaluating,” he further said.
Along with Madison, an associate company of Selvel Vantage Group has also picked up a 24.5 per cent stake in Penada.
Madison World is an 18-year old diversified communications group in India, with specialist units in advertising (Madison Creative), media (Madison Media Group), outdoor (MOMS Outdoor Media Solutions), PR (Madison PR), rural advertising (Anugrah Madison), retail design (MRP), shopper marketing (MASH) and entertainment (Madison Teamworks Film Promotions and Entertainment).