The company has been sold by another private equity firm HG Capital, which funded a £45m management buyout of Clarion in 2004, which spun it out of Earls Court and Olympia.
Staying with the company are chief executive Simon Kimble and chief operating officer Tim Pilcher; non-executive chairman Sir Robin Miller has stepped down.
VSS's replacement for Miller is his erstwhile number two at Emap, Sir David Arculus.
Clarion operates 65 events and conferences across six sectors: gaming, retail, arts and antiques, caravans, financial services and entertainment.
Kimble said: "With VSS's support, we look forward to growing Clarion both organically and through add-on acquisitions. There are numerous opportunities both within the UK and throughout Europe to expand existing Clarion franchises and acquire additional exhibitions, events and conferences."
The deal was hailed by live events trade body Events Industry Alliance.
Trevor Foley, EIA's group chief executive, said: "This move has been long-awaited and is yet more evidence of the increasing strength and value of live event marketing."
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