Emerald Expositions Inc. (Emerald) and George Little Management LLC (GLM) announced that Emerald has agreed to acquire GLM from Providence Equity Partners (Providence) for $335 million, subject to certain adjustments at, and after, closing.
GLM creates face-to-face buying, selling and networking platforms for designers, product developers, manufacturers, retailers and operators through more than 20 leading tradeshows including four of the largest 100 trade shows in the U.S. The company produces both NY NOW and ICFF.
“GLM is a truly outstanding tradeshow company with an exciting portfolio and an experienced and talented workforce," said David Loechner, CEO of Emerald, which produces both HD Expo and the Kitchen & Bath Industry Show. "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.”
“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," said Charles McCurdy, GLM CEO. "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.”
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.