Florent Jarry on the Stax Top20

In a recent conversation, I spoke with Florent Jarry, Managing Director at Stax, the team behind the annual Top 20 Exhibition Organisers ranking, published each year, early September. We unpacked this year’s findings, the role of private equity, and what 2026 might bring.

The headline: The Top 20 cohort delivered its best year on record, decisively surpassing 2019 levels, a symbolic line that puts the pandemic era firmly in the rearview mirror. Notably, nine of the Top 20 companies grew by more than 25% year-over-year.

Looking back to the first list in 2014, names such as UBM, i2i/Ascential and Tarsus have since been absorbed, largely into Informa, which has climbed from #6 to a clear #1. Meanwhile, single-sector associations have found it harder to grow without diversification.

After stepping back during the COVID-19 pandemic, private equity interest has returned, encouraged by the resilience of in-person formats across trade shows and live events. That said, macro headwinds and valuation expectations still complicate investment committee approvals. The long-term thesis of professionalisation, margin improvement, and bolt-on M&A remains intact across small, mid, and large organisers.

Watch the video for more insights and predictions about the 2026 deal flow from Florent.