Private Equity Firm Onex Buys Venue Management Firm SMG

December 11, 2017

Private equity firm Onex Corporation has agreed to acquire SMG Holdings Inc., in partnership with its existing management team.

“SMG is the global gold standard in venue management,” said Amir Motamedi, a managing director with Onex. “We’re excited to work with Wes, his management team and the general managers within each of SMG’s venues to continue to provide the same world-class service their clients have come to expect.”

SMG is the leading global manager of convention centers, stadiums, arenas, theatres, performing arts centers and other venues.

The transaction is expected to close in early 2018 subject to customary conditions and regulatory approvals.

The terms of the transaction were not disclosed. Onex also owns Emerald Expositions.

“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, CEO of SMG.

He added, “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.”

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

SMG manages venues such as Chicago’s McCormick Place and Detroit’s COBO Center.

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

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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.