Toronto-based Private Equity Onex To Acquire SMG: Breaking

Toronto-based private equity firm Onex Corporation has agreed to acquire SMG in a partnership with its existing management team, Pollstar has learned. The transaction is expected to close in early 2018 subject to the usual conditions and regulatory approvals.

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SMG

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

Founded 40 years ago, SMG is headquartered in suburban Philadelphia 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.

“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.”

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. 

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