Venue management company SMG has been acquired by Canadian-based private equity firm Onex Corporation, in a partnership with its existing management.
Although terms of the deal were not disclosed, it was reported that SMG which manages around 240 concert venues and convention centres venues around the world, was valued at $750 million.
Venues operated by SMG include America’s Mercedes-Benz Superdome (cap. 76,500) in New Orleans, the UK’s Manchester Arena (20,000) and Germany’s Konig-Pilsner Arena (13,000) in Oberhausen.
“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,” says SMG CEO Wes Westley.
The deal is expected to be concluded early next year. SMG is currently owned by US private equity fund Northlane Capital Partners.