|
RAPAPORT... The Onex Corporation will acquire George Little Management LLC (GLM) through its subsidiary Emerald Expositions for $335 million, subject to certain adjustments at closing. In June, the company's private equity fund, Onex Partners III, acquired Emerald Expositions, which operates 65 tradeshows and brands, including Couture, JA New York, Special Delivery New York and the National Jeweler website. GLM operates business-to-business (B2B) events for the lifestyle, design, product sourcing and antique sectors, including antique and jewelry shows in Los Angeles, Las Vegas, Miami and New York. Onex stated that it believed it could grow Emerald Expositions through accretive add-on acquisitions of smaller exhibition businesses. Amir Motamedi, an Onex director, said, "We are pleased with this significant step in the expansion of Emerald's business. With its leading shows in complementary end-markets, GLM will be a great addition to Emerald's platform." Onex Partners III will make an equity investment of approximately $140 million to acquire GLM, of which Onex's share is approximately $34 million. The balance of the acquisition total will be funded with debt financing. The transaction is anticipated to close in January 2014 and is subject to customary regulatory approvals.
|