GLM to Be Purchased by Providence Equity Partners

WHITE PLAINS, N.Y.-GLM and Providence Equity Partners signed an agreement earlier this week whereby affiliates of Providence Equity Partners will acquire GLM from Daily Mail and General Trust (DMGT).

The deal will cost Providence Equity about $173 million in cash, and is expected to close by the end of September. According to a joint statement from the two companies, Providence Equity will purchase GLM through a new holding company led by Charles G. McCurdy, who was recently CEO of Canon Communications, a producer of trade shows, publications and digital and data services.

GLM currently manages 15 trade shows, including the New York International Gift Fair and the Gourmet Housewares Show. Michael Dominguez, a managing director of Providence Equity, said, "We believe there are significant opportunities to grow GLM's trade-show brands in the U.S. and internationally both organically and through acquisition, as well as to develop exciting new digital and data services."

Providence Equity is a global private-equity firm that specializes in investments in media, communications, information-services and education companies, and manages funds with more than $23 billion in equity commitments. Alan Steel, GLM's president, called the deal "a compelling transaction" that will allow GLM access to Providence Equity's resources and expertise.

DMGT had announced that it had begun to explore "strategic alternatives" that could include a sale of GLM in June.

HFN Staff | News & Commentary

HFN provides detailed information on the key home classifications: Housewares, Tabletop, Floor Covering & Rugs, Furniture, Home Textiles, Lighting, Home Decor, Mattresses & Bedding, Gifts, Major Appliances and Consumer Electronics as well as Business, Finance and Retail.

Videos

Current Issue

  • HFN May digital issue

    HFN's DIGITAL EDITION

    May 2017


    COVER STORY: HFN Turns 90

    We commemorate HFN's 90th anniversary by paying tribute to the iconic retailer and supplier brands--and the people--that have helped the industry flourish, then and now.


    ALSO IN THIS ISSUE:

    • Up & Coming Leaders - The home industry is in capable and visionary hands as this year’s 40 Under 40 list attests. Today’s young leaders span all disciplines and varied levels of operation.
    • Omnichannel Retailing - In the Mobile App World, Time is Money