Launch. Scale. Exit: Getting the ‘Tonne of Bricks off Your Shoulders’ with Toby Walters

Toby Walters is the co-founder of Elite Exhibitions, producer of the Cruise Ship Interiors Design Expo (CSI) — the world's leading trade shows for the marine design and build sector. Founded in 2016 alongside co-founder Sam Murray, Elite was acquired by CloserStill Media in April 2024.  

In this blog, we sat down with Toby to talk inspiration, juggling commitments, and what expedited the exit process for Elite.  

What inspired you to launch your event? 

Sam and I had worked together at another company in our early 20s.  

We launched two events in the sales department, which were acquired, and that really inspired us to do this for ourselves.  

“We are both pretty unmanageable people, so we knew that at some point we would need to work for ourselves.” 

We are both pretty unmanageable people, so we knew that at some point we would need to work for ourselves — and with the show I was working on being acquired by one of the big organisers, we knew it was time to make the leap. 

How did you know it was the right moment to take the plunge and start up on your own? 

Sam and I were both 23 years old. I had just had my first child, and we had both bought our first houses, so we knew that commitments were starting to pile up.  

When you are young, people tell you to take big risks when you don't have commitments — so I don't think there was ever a better time to go for it. 

What two or three decisions in the early years made the biggest difference to the outcome? 

I think Sam and I were both still pretty young and inexperienced, so we did a deal with James Reader — who at that point was the founder of Smarter Shows — and gave him some equity in return for mentoring us and giving us advice as we grew the business. That was by far our best decision. 

“Other good decisions, in hindsight, were hiring people with experience in areas we lacked.” 

Other good decisions, in hindsight, were hiring people with experience in areas we lacked. For example, we used Caroline Pepper as our Operations Director for every show we ever ran. She has more experience than most in the trade show business, and she made sure our shows ran smoothly — and kept Sam and I in check. 

What metrics ended up mattering more than you'd expected? 

This will sound crazy, but it took us about two years to realise how important money in versus money out is. We had no idea how to run a business — we could sell stand space in our sleep, but had no idea how to keep money set aside for VAT, tax, or even sometimes rent. There were a number of occasions where Sam and I had to put our own money into the company to make payroll. 

Other metrics that we ignored for a while, and ones we are now constantly looking at, are buyers per square metre. It really helps us understand how busy a show is and how many exhibitors it can sustain without losing the buzz. 

What was the hardest part of launching your event that no one talks about? And what was the hardest part of selling it? 

When you launch an event that clearly has a positive response from the market, you are inundated with unsolicited advice — whether it's about content, speakers, venues or partners. It is really hard to know who to listen to. Every industry has its politics to navigate, so you have to get up to speed with that fast. 

“It is really hard to know who to listen to. Every industry has its politics to navigate, so you have to get up to speed with that fast.” 

The hardest part of selling the business is finding the balance between who the best strategic fit is, who is going to take the best care of the team and the shows you have worked so hard to build, and who is going to pay you the best money. These three things don't always align — and they definitely didn't for us with the deal we walked away from in 2023.  

But thanks to the team at Mayfield, we were able to strike a deal with CloserStill Media, which ticked all three boxes. 

Equally, what was the most rewarding part of launching your event? And the most rewarding part of selling it? 

The most rewarding thing about launching the event is when people tell you that they have met customers or suppliers for the first time — people they had been talking with for ten or more years — but because there was no meeting place for them before, they had never seen each other in person. That really validates the idea and the work the team has put into building something that changes the way an industry does business. 

The most rewarding part of selling it has got to be the tonne of bricks that get taken off your shoulders — being able to finally spend time with your kids and not have to worry about payroll for the first time in ten years. 

What might have helped or sped up the process from launch to exit up for you? 

Understanding what buyers are looking for at an earlier stage would have been really helpful. 

We didn't know what the minimum deal size was for certain buyers — knowing that CloserStill want something with £1m-plus EBIT, or that Informa are only interested in tech businesses, would have given us the ability to stay focused on building the show rather than being distracted by M&A conversations that were never going to go anywhere. 

I also think we took some pretty bad advice on our valuation after our second show, which was a real distraction. It wasn't until we spoke with Mayfield that we realised we weren't quite at the valuation we had been told! 

For anyone launching an event now, what mistakes did you make that you wouldn't make again? 

Understand your numbers and keep your books up to date. File your VAT returns on time, keep your internal finance records current, and make sure you have a proper show budget format that captures all costs — because I can guarantee the bottom line your spreadsheet tells you is at least 30% less once you capture all the costs you aren't tracking. 

 

How do you think an event owner might benefit from Manta Media Capital? 

I think Manta are well positioned to help with all of the challenges we faced, because they have gone through all the same things and come out the other side having sold multiple products and businesses. I also like how Manta have brought together specialists in different areas — conference, 1-2-1, content, trade shows, finance and M&A. Having access to that depth and breadth of experience in one place is very uncommon. 

For founders in the events space, partners like Manta Media Capital provide capital and operational insight designed to support both growth and building long-term value. If you’re unsure when and where to invest in automation, you may benefit from our expert counsel and funding. Take two minutes to apply for funding with Manta Media Capital.