All amounts in U.S. dollars unless otherwise stated
TORONTO, Dec. 11, 2017 (GLOBE NEWSWIRE) -- Onex Corporation (“Onex”) (TSX:ONEX) today announced it has agreed to acquire SMG Holdings Inc. (“SMG”), in partnership with its existing management team. 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.
Founded 40 years ago, SMG is headquartered in suburban Philadelphia, Pennsylvania, 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 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.”
“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, Chief Executive Officer of SMG. “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.”
The investment will be made by Onex Partners IV, Onex’ $5.7 billion fund.
Onex is one of the oldest and most successful private equity firms. Through its Onex Partners and ONCAP private equity funds, Onex acquires and builds high-quality businesses in partnership with talented management teams. At Onex Credit, Onex manages and invests in leveraged loans, collateralized loan obligations and other credit securities. Onex has more than $30 billion of assets under management, including $6.7 billion of Onex proprietary capital, in private equity and credit securities. With offices in Toronto, New York, New Jersey and London, Onex and the team are collectively the largest investors across Onex’ platforms.
Onex’ businesses have assets of $45 billion, generate annual revenues of $30 billion and employ approximately 161,000 people worldwide. Onex shares trade on the Toronto Stock Exchange under the stock symbol ONEX. For more information on Onex, visit its website at www.onex.com. Onex’ security filings can also be accessed at www.sedar.com.
This news release may contain forward-looking statements that are based on management’s current expectations and are subject to known and unknown uncertainties and risks, which could cause actual results to differ materially from those contemplated or implied by such forward-looking statements. Onex is under no obligation to update any forward-looking statements contained herein should material facts change due to new information, future events or otherwise.
For further information: Emilie Blouin Director, Investor Relations Tel: 416.362.7711