Emerald Expositions To Acquire GLM
| Emerald Expositions, Inc. and George Little Management LLC (GLM) announced on
Dec. 20, 2013 that Emerald has agreed to acquire GLM from Providence Equity
Partners 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 and design, antiques and
jewelry, fashion, board sports and 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, says, "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, says, "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, comments, "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
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.