CONSHOHOCKEN, PA (CelebrityAccess) — Onex Corporation announced on Monday that it had agreed to acquire venue management company SMG in partnership with its existing management team.
The transaction is expected to close in early 2018, subject to regulatory approval, but the financial terms of the transaction were not disclosed but the investment will be made by Onex Partners IV, Onex’ $5.7 billion fund.
“SMG is the global gold standard in venue management,” said Amir Motamedi, a Managing Director with Onex. “We’re excited to work with Wes, his management team and the general managers within each of SMG’s venues to continue to provide the same world-class service their clients have come to expect.”
“Onex values the deep relationships our general managers have cultivated within the municipalities we serve, and its ownership mentality and long-term focus make it an ideal partner for us,” said Wes Westley, Chief Executive Officer of SMG. “On behalf of the SMG management team, I look forward to working with Onex as we enter this next chapter of continued growth and success.”
Founded in 1977, the Pennsylvania-based SMG currently manages a portfolio of almost 240 venues around the world, including convention centers, stadiums, arenas, theatres, performing arts centers. The company also provides solutions to venues owners for facility staffing and training, food and beverage, event booking and management, event promotion, exhibitor services, financial management and ongoing maintenance services.
SMG is currently owned by another private equity investor, Ares Capital’s Northlane Capital Partners, which was spun out of yet another PE company American Capital in January 2017 in a $3.4B cash-and-stock deal. American Capital acquired SMG in 2007 for just $631M.
