Show organisers GLM sign merger agreement
George Little Management and Providence Equity Partners have announced that GLM and affiliates of Providence have signed a definitive merger agreement.
Under the new agreement, affiliates of Providence will acquire GLM from Daily Mail and General Trust plc for approximately $173 million.
Organisers for a current portfolio of 15 trade shows, GLM also create face-to-face and online buying, selling and networking platforms for designers, product developers, manufacturers, reps, retailers and operators through tradeshow and event production, online community development and association management. Markets covered vary from giftware, stationery, home textiles, fashion, and hospitality and of course gourmet and tabletop.
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 Mr. McCurdy's management, Canon doubled in size, expanding its trade shows into 10 countries and developing a significant suite of digital and data services.
Michael J. Dominguez, a Managing Director at Providence said: "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."
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.
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