We now know what Canadian firm Onex paid for the venue management company thanks to financial disclosures from the Onex’s Q1 report that show SMG was purchased for $429 million in January. According to the document, Onex’s share of the investment was $139 million (a 32% economic interest) with the remainder financed through a rollover equity by the management of SMG and through debt financing. As part of the agreement, Onex also purchased $44 million in SMG debt.

Onex bought SMG from American Capital in December, which had purchased SMG in 2007 for $631 million. In 2016, American Capital was sold to Ares Capital — the investment firm founded by Hawks owner Tony Ressler — for $3.4 billion in a cash-and-stock deal.

SMG holds the management contracts for marquee buildings like U.S. Bank Stadium in Minneapolis, Soldier Field in Chicago, the BOK Center in Tulsa, Oklahoma and New Orlean’s Mercedes-Benz Superdome with more than 240 sports facilities, concert venues and convention centers under management.

Dave Brooks
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Dave Brooks

Founder & Executive Editor at Amplify Media
Dave Brooks has over 15 years experience as a writer, including eight years as the Managing Editor of Venues Today. He started Amplify in 2014 to give the industry its own voice and turn up the volume on live entertainment.
Dave Brooks
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