Providence Equity Partners Buys George Little Management for $173 Million
Private equity firm Providence Equity Partners has acquired George Little Management for $173 million from the Daily Mail and General Trust, parent company of dmg world media.
The acquisition will be made through a new holding company headed by Charles G. McCurdy, who previously was CEO of Canon Communications.
The Jordan, Edmiston Group, Inc. handled the sale for DMGT, and the sale is expected to close by the end of September, pending customary closing conditions and regulatory approvals.
“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.
He added, “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.”
Dominquez also said the company already has a talented senior management team and the addition of McCurdy, who has more than 30 years of experience in managing and investing in niche media, information and education companies, will make it even stronger.
“I’m thrilled to partner with Providence as it acquires this top tier, world-class company," McCurdy said. “GLM’s presence in the growing business-to-retailer space has few rivals in the international tradeshow industry.”
He added, “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, said, “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.”
GLM currently produces 15 tradeshows, including the biennial New York International Gift Fair, and also serves industries such as social stationery, home textiles, tabletop, gourmet housewares, contemporary furniture, personal care, art & design, antique jewelry, beach, board sports, fashion and hospitality.
The NYIGF’s summer and winter editions were both ranked on the 2010 TSNN Top 250 Trade Show List, Nos. 26 and 29, respectively, as well as some of GLM’s other shows, including the National Stationery Show (No. 171), the International Contemporary Furniture Fair (No. 163) and Surf Expo winter and summer, Nos. 105 and 121, respectively.
Annually, GLM’s events highlight approximately 11,000 exhibitors in 1.8 million net square feet of exhibit space and attract approximately 150,000 attendees, according to GLM officials.
Until recently, the opportunity to have a celebrity attend an event, attach themselves to a name-brand or endorse a certain product or idea was untouchable. The thought of paying a person to promote a product was seen as something only Fortune 500 companies could afford. Social media has changed all that with brands and businesses utilizing celebrity influencers to connect directly with their demographics and increase sales and profits.