Emerald Expositions Files for Initial Public Offering
Just two months after Emerald Expositions was rumoured to be going on the sales block for an estimated $2 billion, the company switched gears and has filed with the SEC to raise an estimated $250 million in an initial public offering, according to a regulatory filing today.
The San Juan Capistrano (Calif.)-based company generated $323.7 million of revenue, $22.2 million of net income, $63.6 million of adjusted net income and $89.6 million of free cash flow in 2016.
Emerald President and CEO David Loechner declined to comment at this time.
According to news reports, Emerald said all of its trade show franchises are profitable and that its line of business offers diversification in a highly fragmented industry with "significant opportunities" for mergers and acquisitions.
Main underwriters are B. of A. Merrill Lynch, Barclays, and Goldman Sachs. The company's stock is expected to trade on the New York Stock Exchange under the symbol EEX.
Private equity firm Onex bought Nielsen Expositions, which was renamed Emerald Expositions, in June 2013 for $950 million.
Since then, Emerald rapidly expanded its portfolio with buys such as George Little Management for $335 million that included Surf Expo and the National Stationary Show, as well as other shows, in December 2013.
More recently, Emerald has been on an acquisition spree, buying several shows in the past few months such as CEDIA Expo, InterDrone, American Craft Retailers Expo, RFID Journal LIVE! Event and National Pavement Expo, to name a few.
Emerald currently operates more than 50 trade shows, including 30 of the top 250 trade shows in the country as ranked by TSNN, as well as numerous other events.
The company’s events connect more than 500,000 global attendees and exhibitors and occupy 6.5-plus million net square feet of exhibition space.