GLM to Be Purchased by Providence Equity Partners
August 23, 2011,
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.