Private Equity Firm Onex Buys Venue Management Firm SMG

December 11, 2017

Private equity firm Onex Corporation has agreed to acquire SMG Holdings Inc., in partnership with its existing management team.

“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.”

SMG is the leading global manager of convention centers, stadiums, arenas, theatres, performing arts centers and other venues.

The transaction is expected to close in early 2018 subject to customary conditions and regulatory approvals.

The terms of the transaction were not disclosed. Onex also owns Emerald Expositions.

“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, CEO of SMG.

He added, “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 40 years ago, SMG is headquartered in suburban Philadelphia, Penn., and manages nearly 240 venues globally.

The company offers a comprehensive suite of services, allowing venue owners to outsource all facets of day-to-day operations, including facility staffing and training, food and beverage, event booking and management, event promotion, exhibitor services, financial management and ongoing maintenance services.

SMG manages venues such as Chicago’s McCormick Place and Detroit’s COBO Center.

The investment will be made by Onex Partners IV, Onex’ $5.7 billion fund.

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HERE, hosting responsible meetings and caring for our communities are top priorities. Through its 'Focused on What Matters: Embracing Humanity and Protecting the Planet' philosophy, MGM Resorts commits to creating a more sustainable future, while striving to make an impact in the lives of employees, guests, and the communities in which it operates. Water Stewardship Efforts MGM Resorts understands the importance of using water efficiently, especially in the desert destination of Las Vegas. Conserving water has always been part of the mission, but MGM Resorts has expanded its ambition into water stewardship. In 2022, MGM Resorts President and CEO Bill Hornbuckle signed the CEO Water Mandate—a UN Global Compact initiative mobilizing business leaders to advance water stewardship. MGM Resorts International was the first gaming company to take this important step. MGM Resorts replaced 200,000 square feet of real grass with drought-tolerant landscaping in Las Vegas. MGM Resorts pledges to reduce water withdrawal intensity by 33% by 2025 and by 35% by 2030. From 2007-2021, use of more than 5.6 billion gallons of water was avoided because of conservation efforts. Caring for One Another MGM Resorts’ Food Donations Program collects and preserves unserved food from conventions held at MGM Resorts properties, then safely donates to food insecure people in the community. Since the program’s launch in 2016, more than 3.7 million meals toward a 2025 goal of 5 million meals have been donated into the community. Donations include: Unserved perishable prepared foods from events Perishable unprepared food from MGM Resorts’ kitchens Nonperishable food items from minibars and warehouses The collaboration with Southern Nevada’s primary food bank, Three Square, has developed the infrastructure needed to safely collect, transport, and store food from MGM Resorts properties in Las Vegas, reducing food waste while serving the community. Fostering Diversity and Inclusion To MGM Resorts, a diverse and talented workforce is essential to success. By cultivating innovative strategies that consider multiple perspectives and viewpoints, the company creates an inclusive workplace culture that benefits its employees and community. MGM Resorts takes pride in being a welcoming home for veterans, individuals with disabilities, people from diverse backgrounds, LGBTQ+ community members, and more. This commitment to inclusion is reflected in the company's recruitment and hiring practices and its social responsibility initiatives. From the workplace to the community, MGM Resorts' commitment to diversity, equity and inclusion remains unwavering, and its efforts continue to create a more equitable and sustainable world for all. MGM Resorts understands its responsibility to contribute to the social and economic progress of the communities in which it operates. HERE, we embrace humanity.