Emerald Expositions, organizers of the Outdoor Retailer trade show, has agreed to acquire George Little Management, which operates the Surf Expo and other trade shows. The price paid was $335 million, subject to certain adjustments at closing.
GLM's events include NY NOW(TM), International Contemporary Furniture Fair(R), Internet Retailer Conference & Exhibition, National Stationery Show(R), Surf Expo(R), SURTEX(R) and The Original Miami Beach Antique Show(R), among others.
In June 2013, Onex Partners III acquired Emerald, a leading operator of large, business-to-business tradeshows. As part of its investment thesis for the business, Onex believed it could grow Emerald through accretive add-on acquisitions of smaller exhibition businesses in existing and adjacent end-markets.
Commenting on the acquisition of GLM, Onex' Amir Motamedi said, "We are pleased with this significant step in the expansion of Emerald's business. With its leading shows in complementary end-markets, GLM will be a great addition to Emerald's platform."
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 in January 2014, subject to customary regulatory approvals.
With offices in Toronto, New York and London, Onex is one of the oldest and most successful private equity firms. Onex acquires and builds high-quality businesses in partnership with talented management teams. The Company has approximately $16 billion of assets under management, including $5 billion of Onex capital, in private equity, credit securities and real estate. Onex invests its capital directly and as the largest limited partner in each of its Funds. Onex' businesses have assets of $44 billion, generate annual revenues of $34 billion and employ approximately 229,000 people worldwide.
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 Capistrano, CA.
