Providence Equity Completes GLM Acquisition
WHITE PLAINS, N.Y., and PROVIDENCE, R.I.--Providence Equity Partners has finalized its acquisition of GLM.
Under the terms of the deal, which was announced shortly after the New York International Gift Fair in August, Providence Equity has purchased GLM from Daily Mail and General Trust for about $173 million in cash. The equity firm made the transaction through a holding company led by Charles McCurdy, former CEO of Canon Communications, which produces trade shows, publications and digital and data services.
GLM currently manages 15 trade shows serving the giftware, home furnishings, social stationery, home textiles, tabletop, gourmet housewares, contemporary furniture, personal care, art and design, antique jewelry, beach, board sports, fashion and hospitality industries.
In other GLM news, a new "Driven by Design" marketing campaign has been launched for the winter 2012 edition of the New York International Gift Fair. The campaign, which is reflective of the design resources throughout NYIGF's 10 divisions, complements the NYIGF's three-year strategic reorganization which culminates in 2013 with the introduction of four comprehensive market categories - Home, Craft, Lifestyle and New.
"Design is a common denominator among all of NYIGF's 10 divisions and a key differentiator from other U.S. gift, home and lifestyle markets," said Dorothy Belshaw, NYIGF director and GLM senior vice president. "This new campaign allows us to showcase NYIGF's design orientation beyond Accent on Design and Handmade - both widely recognized for their superlative aesthetics - into NYIGF divisions which are categorized by product type."