San Juan Capistrano, California-based Emerald Expositions Inc said it will be buying White Plains, New York-based George Little Management (GLM) from Providence Equity Partners. The price tag for the deal is $335 million.
Emerald Expositions is a business-to-business tradeshow operator in the US that has produced over 65 tradeshows and conferences each year. These shows have already connected more than 335,000 buyers and sellers in markets like sports, general merchandise, jewelry, hospitality and retail design, decorated apparel, photography, healthcare, building and military. A trade show firm, GLM creates platforms that enable designers, product developers, manufacturers, retailers and operators to buy, sell and network through trade shows, consumer events and digital platforms. Meanwhile, Providence Equity is a global private equity company headquartered in Providence, Rhode Island. It manages $37 billion in commitments and focuses its investments in media, communications, education and information firms worldwide.
The deal is scheduled to be completed in January next year after meeting customary regulatory approvals. Emerald Expositions will be financing the purchase with about $200 million of debt and an equity investment amounting to $140 million from Onex Partners III, the company which bought Emerald in June this year.
Emerald Expositions Chief Executive Officer David Loechner said in a statement, "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."
Providence Managing Director Michael Dominguez said that the management team at GLM was integral to the success of their investment. He added, "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."
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