SMG, the company that manages the Raising Cane’s River Center and the Mercedes-Benz Superdome, is being acquired by the Onex Corporation, a Toronto-based private equity firm, for an undisclosed amount.
Terms of the deal were not disclosed. The transaction, subject to regulatory approvals, is expected to close early next year. Onex is acquiring the company through Onex Partners IV, its $5.7 billion fund and intends to retain SMG’s existing management team. The seller is the Ares Capital Corporation, which acquired SMG from its former parent company in January.
“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,” SMG CEO Wes Westley says in a statement.
Philadelphia-based SMG manages 240 convention centers, stadiums, arenas, theatres, performing arts centers and other venues. In addition to the River Center and Superdome, the company manages McCormick Place and Soldier Field in Chicago, Moscone Convention Center in San Francisco and Houston’s NRG Park.
The company was sold to Onex after Live Nation opted not to make a final offer, according to various media reports. It’s unclear what impact, if any, the sale will have on the River Center, with General Manager Michael Day deferring all questions to corporate communications.
