Emerald Expositions has agreed to acquire George Little Management (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 trade shows, including NY NOW. GLM also produces four of the largest 100 trade shows in the country.
The transaction is anticipated to close this month 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.
GLM’s trade shows serve industries including tabletop, gourmet housewares, home furnishings, home textiles, stationery and paper products, giftware, 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.
In addition to NY NOW, other GLM trade shows include the International Contemporary Furniture Fair, Internet Retailer Conference & Exhibition, National Stationery Show, Surf Expo, SURTEX and The Original Miami Beach Antique Show.
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.
“GLM is a truly outstanding trade show company with an exciting portfolio and an experienced and talented workforce,” said David Loechner, CEO of San Juan Capistrano, Calif.-based Emerald, which produces 65 trade shows. “This acquisition expands upon our position as a leading trade show 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.”
Emerald’s trade shows are in nine diversified end-markets, including general merchandise, sports, hospitality and retail design, jewelry, photography, decorated apparel, building, healthcare, and military.
