From Public to Private: PE Firm Acquires GES for $535 Million
October 21, 2024
Viad Corp, a public company, has entered into a definitive agreement with private Los Angeles-based private equity firm Truelink Capital to acquire GES, a global exhibition and event industry services provider, for $535 million.
The acquisition encompasses GES Exhibitions, a provider of global exhibition and logistics services; global experiential agency Spiro; and onPeak, SHOWTECH, and Visit, which provide event housing, power/lighting, and registration services, respectively.
Upon the transaction’s completion by Dec. 31, 2024, pending regulatory approvals, due diligence, and other customary closing conditions, GES will operate as a privately-owned entity within Truelink’s business portfolio. Some of GES and Spiro’s biggest trade show clients include Informa, ICSC, AMT, McDonalds, Pfizer, Merck, and Boeing, to name a few.
“This is an exciting time for GES,” said GES President Derek Linde. “The business has tremendous momentum, and our team is driving strong revenue growth, margin expansion, and client service. The publicly traded Viad conglomerate has been a great home to GES for decades, and we are excited to start a new chapter as a private company with Truelink, who believes in our ability to continue delivering industry leadership, innovation, and growth.”
Related: Earnings: Viad’s Revenue, Earnings Beat Forecasts in Q2
Why it matters
The company will become Truelink’s first exhibition holdings and will join the equity firm’s portfolio of sales training, marketing services, and technology platforms, as well as a couple of manufacturing companies, according to GES officials.
With a workforce exceeding 2,600 employees and thousands of active union partners worldwide, GES and its companies boast a decades-long history of supporting brands and events in a range of event marketing capacities across various sectors, including healthcare, aerospace and defense, financial services, manufacturing, technology, and retail.
“GES is a trusted brand with a proven track record of delivering best-in-class services to global exhibitions and experiential marketing verticals,” said Luke Myers, Truelink co-founder and managing partner. “We look forward to collaborating with this talented team to help the company realize its full potential.”
Related: Earnings: GES and Spiro Report Year-Over-Year Revenue Growth in Q1
Leadership changes ahead
After closing, current GES President Derek Linde will transition to the role of president and CEO. He will be joined by Jeff Quade, president of GES North America Exhibitions; Jason Stead, president of GES EMEA Exhibitions; and Spiro President Jeff Stelmach, who will continue leading the operating businesses post-transaction.
Additionally, Viad will change its name and relaunch as Pursuit, transforming into a pure-play attractions and hospitality leader, with Viad President and CEO Steve Moster transitioning into an advisory role.
“We remain dedicated to delivering extraordinary experiences to our clients across the globe,” Linde added. “This partnership with Truelink will enable us to intensify our focus on innovation and enhance our capabilities across our differentiated global platform.”
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Partner Voices
MGM Resorts is committed to fostering an inclusive and diverse culture, not just among employees and guests but also within its supply chain. The company prioritizes procuring goods and services from businesses owned by minorities, women, veterans, people with disabilities, LGBTQ individuals and those facing economic disadvantages. This commitment is integral to MGM Resorts' global procurement strategy.
Through its voluntary supplier diversity program, MGM Resorts actively identifies and connects certified diverse-owned suppliers to opportunities within its supply chain. The company is on track to spend at least 15% of its biddable procurement with diverse-owned businesses by 2025, demonstrating that supplier diversity is not only a social responsibility but also a strategic business imperative.
Supplier diversity isn’t just the right thing to do – it’s good for business. A diverse supply chain allows access to a broader range of perspectives and experience, helping to drive innovation, entrepreneurship and resilience, while strengthening communities. At MGM Resorts, engaging diverse suppliers ensures best-in-class experiences for guests and clients. Supplier diversity ensures a more resilient supply chain while supporting economic development in the communities in which it operates.
The impact of MGM Resorts' supplier diversity initiatives is significant. In 2023, these efforts supported over 3,500 jobs across more than 30 states, contributed over $214 million in income for diverse-owned businesses and generated more than $62 million in tax revenue. The story extends beyond the numbers – it reflects the tangible benefits brought to small and diverse-owned businesses, fostering economic empowerment in their communities.
MGM Resorts also supports the development and business skills of diverse-owned businesses through investment, mentorship and education. Through the MGM Resorts Supplier Diversity Mentorship Program, the company identifies, mentors and develops diverse-owned businesses to fill its future pipeline, while providing businesses with tools and resources to empower and uplift. Since 2017, the program has successfully graduated 105 diverse-owned businesses and is on track to achieve its goal of 150 graduates by 2025.
MGM Resorts’ commitment to supplier diversity not only enhances its business operations but also plays a crucial role in uplifting communities and fostering economic development. This approach reinforces the idea that diversity is a powerful driver of innovation and resilience, benefiting both the company and the wider community.
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