Friday December 20th, 2013 - 4:28PM
Emerald Expositions, Inc. and George Little Management LLC announced today that Emerald has agreed to acquire GLM from Providence Equity Partners for $335 million, subject to certain adjustments at, and after, closing.
GLM operates more than 20 tradeshows, including NY Now, formerly called the New York International Gift Fair, and the International Contemporary Furniture Fair. GLM has approximately 130 employees and operates out of six U.S. offices.
David Loechner, CEO/Emerald, said, “GLM is a truly outstanding tradeshow company with an exciting portfolio and an experienced and talented workforce. This acquisition expands upon our position as a leading tradeshow organizer in the United States. I am excited about the opportunities for customers and employees of both companies that will result from bringing these two high-quality portfolios together.”
Charles McCurdy, CEO/GLM, said, “This transaction demonstrates the strength of GLM’s shows that have grown successfully thanks to the effectiveness of the GLM team and Providence’s support. This is a compelling opportunity going forward for GLM and its stakeholders, and I wish David Loechner and his team the best of luck as they seek to further expand GLM’s product offerings and accelerate growth.”
Michael Dominguez, a managing director at Providence, said, “Charlie’s leadership and the dedication of the entire management team were integral to the success of this investment. We’re fortunate to have had the opportunity to partner with GLM to accelerate growth, launch new products and make acquisitions that increased the breadth of its shows. We believe GLM has a bright future as part of Emerald Expositions.”
The transaction is anticipated to close in January 2014, subject to customary regulatory approvals. The acquisition will be funded with approximately $200 million of debt and a $140 million equity investment from Onex Partners III. Emerald was acquired by Onex Partners III in June 2013.