Emerald Expositions, Inc. (“Emerald”) and National Stationery Show and Surtex organiser George Little Management (GLM) have announced that Emerald is to acquire GLM from Providence Equity Partners (Providence) for $335 million.
The acquisition of GLM has been announced by tradeshow operator Emerald. GLM creates face-to-face buying, selling and networking exhibitions for designers, product developers, manufacturers, retailers and operators through more than 20 leading tradeshows including four of the largest 100 trade shows in the US. GLM’s tradeshows serve industries as diverse as home furnishings, home textiles, stationery and paper products, giftware, tabletop, gourmet housewares, contemporary furniture and interiors, personal care, art & design, antiques & jewelry, fashion, board sports & resort lifestyle, and ecommerce.
GLM has approximately 130 employees and operates out of six U.S. offices. David Loechner, Chief Executive Officer of Emerald, said, “GLM is a truly outstanding tradeshow company with an exciting portfolio and a n 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, Chief Executive Officer of 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. Emerald is a leading operator of large business-to-business tradeshows in the United States, producing more than 65 tradeshows and conference events per year connecting over 335,000 buyers and sellers across nine diversified end-markets, including general merchandise, sports, hospitality and retail design, jewelry, photography, decorated apparel, building, healthcare and military. Emerald is headquartered in San Juan Capist rano, California.