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Surf Expo and its sister trade shows are getting a new owner.
UK-based DMG World Media is selling GLM Shows, its North American trade show division, to Providence Equity Partners for $173 million in cash.
GLM produces 15 trade shows, including Surf Expo.
Providence Equity is a private equity firm that invests in media, communications and other sectors around the world. The firm has invested in companies such as Univision, Hulu and Warner Music Group.
The deal is expected to close by the end of September.
In the press release announcing the deal, Providence Managing Director Michael Dominguez said the firm sees “significant opportunities to grow GLM’s tradeshow brands in the U.S. and internationally both organically and through acquisition.”
I asked Surf Expo Show Director Roy Turner to comment on what this means for Surf Expo.
“As for the new ownership, the deal was made to transfer the assets of our North American trade show division GLM Shows from DMG World Media to Providence Equity Partners. Surf Expo staff and office based in Atlanta, GA will remain unchanged and the same will be the same for other shows under management of GLM.
“Providence Equity does bring new investment, acquisition and growth opportunities to our show management team and we are excited about new commitments to identify opportunities both here and abroad as well as re-invest in existing show products.
“For Surf Expo I see nothing but upsides for our buyers and exhibitors, as we transition to Providence.”
See Page 2 for Roy's comments about last week's show, attendance figures