Emerald Expositions, Inc. (Emerald) and George Little Management LLC (GLM) announced today 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.
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 e-commerce. 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 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."
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.
BofA Merrill Lynch is serving as lead
financial advisor, Morgan Stanley & Co. LLC is serving as financial
advisor and Fried Frank is serving as legal advisor to Emerald. Credit
Suisse is serving as financial advisor and Simpson Thacher &
Bartlett LLP is serving as legal advisor to GLM for the transaction.
Latham & Watkins LLP is serving as legal advisor to the financing
sources for Emerald on the transaction.