Onex Corp. to buy venue manager SMG Holdings for undisclosed price
The Onex Corporation logo is displayed at the company's annual general meeting in Toronto on Thursday, May 10, 2012. (THE CANADIAN PRESS / Nathan Denette)
TORONTO -- Onex Corp. (TSX:ONEX) says it has agreed to acquire a U.S. company that manages hundreds of sports, entertainment and business venues including Soldier Field, home to the NFL's Chicago Bears.
The Toronto-based private equity company didn't disclose how much it will pay for privately held SMG Holdings Inc., in partnership with its existing management team. The deal is expected to close in early 2018.
SMG manages nearly 240 venues including Soldier Field and Detroit's Cobo Hall convention centre -- although many of its locations are in smaller communities.
The Hershey Centre in Mississauga, Ont., and the Rogers K-Rock Centre in Kingston, Ont., are among its Canadian venues. They are home to the Ontario Hockey League's Mississauga Steelheads and Kingston Frontenacs.
It also manages the Canalta Centre in Alberta, home to the Medicine Hat Tigers of the Western Hockey League and BMO Harris Bank Center in Rockford, Ill., home to the IceHogs of the American Hockey League.
Its non-sports venues include the Enercare Centre in Toronto, the TD Convention Center in Greenville, S.C., and Blue Water Convention Center in Port Huron, Mich., near Sarnia, Ont.
Based in the Philadelphia area, SMG offers a range of services to venue owners such as facility staffing and training, food and beverage, financial management and maintenance services.