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Surf Expo parent company to change hands

The Surf Expo floor in Orlando © Surf Expo

 

 

Industry Updates

Emerald Expositions to Acquire GLM

Surfersvillage Global Surf News, 20 December, 2013 - Emerald Expositions, Inc.and George Little Management LLC announced today 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  tradeshows.

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.

Author: 
Cate Salvatore
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