George Little Management (GLM) and Providence Equity Partners (PEP) have signed a definitive merger agreement under which affiliates of PEP will acquire GLM from Daily Mail and General Trust plc for approximately $173 million in cash.
PEP will purchase GLM through a new holding company led by Charles G. McCurdy, former CEO Canon Communications, which produces trade shows, publications, and digital and data services. The deal is expected to be finalised by the end of September 2011.
An MD at PEP, Michael J. Dominguez commented: “GLM has a proven track record in exceeding the expectations of exhibitors and attendees with high-quality, customer-focused events. We believe there are significant opportunities to grow GLM’s tradeshow brands in the U.S. and internationally both organically and through acquisition, as well as to develop exciting new digital and data services.
“The company already has a talented senior management team. This will be further strengthened with additional direction from Charlie, who has more than 30 years of experience in managing and investing in niche media, information and education companies.”
Alan E. Steel, President of GLM, commented, “This is a compelling transaction that will allow GLM to benefit from the additional resources and expertise provided by Providence as we seek to further expand our product offerings and accelerate growth. We look forward to working with Charlie and Providence in the future.”