GLM to be sold to Emerald Expositions
Retail Editor 4 -- Home Textiles Today, December 20, 2013
White Plains, N.Y. - Emerald Expositions will acquire trade show producer George Little Management from Providence Equity Partners for $335 million, it was announced today by Emerald parent company Onex Corporation.
Emerald, formerly Nielsen Expositions, also operates numerous tradeshows, including the HD Expo, and others in the design, general merchandise, photography, sports, jewelry, decorated apparel, building, healthcare and military arenas.
GLM has approximately 130 employees and operates out of six U.S. offices.
In June 2013, Onex Partners III acquired Emerald with the intention of growing the business through add-on acquisitions of smaller exhibition businesses in existing and adjacent end-markets, according to a press release on the move.
"GLM is a truly outstanding tradeshow company with an exciting portfolio and an experienced and talented workforce," said David Loechner, chief executive officer of Emerald. "This acquisition expands upon our position as a leading tradeshow organizer in the United States."
In conjunction with this transaction, Onex Partners III, Onex' $4.7 billion private equity fund, will make an equity investment of approximately $140 million to acquire GLM, of which Onex' share is approximately $34 million as a Limited Partner in the Fund. The balance of the acquisition price will be funded with debt financing.
The transaction is anticipated to close next month, subject to customary regulatory approvals.
Providence bought GLM in 2011 for $173 million.
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