GLM to be Acquired by Providence Equity Partners
Kids Today Staff -- Kids Today, 9/30/2011 2:45:54 AM
WHITE PLAINS, NY - George Little Management and Providence Equity Partners have signed a definitive merger agreement under which affiliates of Providence will acquire GLM from Daily Mail and General Trust PLC for approximately $173 million in cash.
GLM currently produces 15 tradeshows, serving industries as diverse as giftware, home furnishings, social stationery, home textiles, tabletop, gourmet housewares, contemporary furniture, personal care, art & design, antique jewelry, beach, board sports, fashion and hospitality. Annually, these events showcase approximately 11,000 exhibitors in 1.8 million net square feet of exhibit space, and attract approximately 150,000 attendees. These shows include the New York International Gift Fair and the International Contemporary Furniture Fair.
Providence will purchase GLM through a new holding company led by Charles G. McCurdy, who most recently served as chief executive officer of Canon Communications, a leading producer of trade shows, publications, and digital and data services. In five years under McCurdy's management, Canon doubled in size, expanding its trade shows into 10 countries and developing a significant suite of digital and data services.
"GLM has a proven track record in exceeding the expectations of exhibitors and attendees with high-quality, customer-focused events," said Michael J. Dominguez, a managing director at Providence. "We believe there are significant opportunities to grow GLM's tradeshow brands in the U.S. and internationally both organically and through acquisition, as well as to develop exciting new digital and data services. The company already has a talented senior management team. This will be further strengthened with additional direction from Charlie, who has more than 30 years of experience in managing and investing in niche media, information and education companies."
"I'm thrilled to partner with Providence as it acquires this top tier, world-class company," said McCurdy. "GLM's presence in the growing business-to-retailer space has few rivals in the international tradeshow industry. With the help of Providence and the dedicated GLM team, we will seek to take GLM to the next level while identifying additional opportunities to expand our platform in the dynamic tradeshow space."
Alan E. Steel, president of GLM, commented, "This is a compelling transaction that will allow GLM to benefit from the additional resources and expertise provided by Providence as we seek to further expand our product offerings and accelerate growth. We look forward to working with Charlie and Providence in the future."
The transaction, which is subject to customary closing conditions and regulatory approvals, is expected to close by the end of September 2011.
The Jordan, Edmiston Group, Inc. acted as financial advisor to Daily Mail and General Trust plc in connection with the transaction. Weil, Gotshal&Manges LLP served as legal counsel to Providence in connection with the transaction.
Providence Equity Partners is a global private equity firm specializing in equity investments in media, communications, information services and education companies around the world. The principals of Providence manage funds with more than $23 billion in equity commitments and have invested in more than 100 companies operating in over 20 countries since the firm's inception in 1989.
Significant existing and prior investments include Altegrity, Archipelago Learning, Bresnan Broadband Holdings, Casema, Com Hem, Digiturk, Education Management Corporation, eircom, Hulu, ikaSystems Corporation, Idea Cellular, Kabel Deutschland, NexTag, PanAmSat, ProSiebenSat. 1, TDC, Univision, VoiceStream Wireless, Warner Music Group, and Yankees Entertainment and Sports Network. Providence is headquartered in Providence, R.I., and has offices in New York, London, Los Angeles, Hong Kong and New Delhi.
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GLM to be acquired by Providence Equity Partners
Aug 23, 2011
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