George Little Management, an 87-year-old trade show production company in White Plains, will be sold to a Rhode Island-based private equity firm in a $173-million cash deal.
Founded in 1924 by its namesake, George F. Little, GLM was acquired in 2007 by a British company, Daily Mail and General Trust plc. Providence Equity Partners will acquire the approximately 100-employee business through a new holding company.
The deal is expected to close by the end of September, the companies said in a joint announcement of their recent merger agreement.
The Providence holding company is led by Charles G. McCurdy, former CEO of Canon Communications, a leading producer of trade shows, publications and digital and data services. Providence officials said Canon doubled in size during McCurdy”™s five-year tenure, expanding its trade shows into 10 countries and developing a significant suite of digital and data services.
Michael J. Dominguez, a managing director at Providence, said McCurdy will add direction to GLM”™s existing senior management talent. “We believe there are significant opportunities to grow GLM”™s trade show brands in the U.S. and internationally both organically and through acquisition, as well as to develop exciting new digital and data services,” he said in the merger announcement.
McCurdy called GLM a “top-tier, world-class company (whose) presence in the growing business-to-retailer space has few rivals in the international trade show industry.”
Alan E. Steel, president of GLM, called the agreement “a compelling transaction that will allow GLM to benefit from the additional resources and expertise provided by Providence as we seek to further expand our product offerings and accelerate growth.”
GLM currently produces 15 trade shows for industries that include 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. GLM officials said the events annually include some 11,000 exhibitors in 1.8 million square feet of exhibit space and draw about 150,000 visitors.
GLM is headquartered at 1133 Westchester Ave. in White Plains and has offices in Naples, Fla., and Atlanta, Ga.
Providence Equity Partners specializes in equity investments in media, communications, information services and education companies worldwide. Its principals manage funds with more than $23 billion in equity commitments and have invested in more than 100 companies in some 20 countries since the firm was founded in 1989. Its U.S. investments include Univision, Warner Music Group and Yankees Entertainment and Sports Network.
The Jordan, Edmiston Group Inc. in New York City was financial adviser to Daily Mail and General Trust in the deal. Weil, Gotshal & Manges L.L.P. was legal counsel to Providence.
Cuomo OKs cross-border practice for CPAs
Out-of-state accountants may conduct business in New York following Gov. Andrew M. Cuomo”™s recent signing of a law allowing cross-border practice for certified public accountants.
The new state law allows for cross-border practice mobility for CPAs as long as their home states are deemed to have licensing requirements substantially equivalent to those in New York. The requirements ”“ 150 hours of education, a passing grade on the CPA exam and at least one year of experience ”“ conform to standards of the national Uniform Accountancy Act.
Similar legislation has been adopted in 47 other states, Richard E. Piluso, president of the New York State Society of Certified Public Accountants, said in a statement. “In today”™s global and technology-driven marketplace, more and more companies are doing business across state lines, physically and in many cases, electronically. New York is the financial capital of the world and CPA service can”™t stop at state borders,” he said.
The law also gives CPAs based in the state more open access to clients in other states. Three states, Georgia, Pennsylvania and Massachusetts, have adopted provisions barring CPAs licensed in states that do not allow cross-border mobility, including New York, from providing services in their states.
“An email, a telephone call to New Jersey or Pennsylvania ”“ that could be considered cross-border practice,” Piluso said. In the existing patchwork system, CPAs in New York have been required to maintain separate state licenses to conduct that business, an added administrative burden for small practices especially.
“It only makes sense to remove borders, but only if consumer protections are maintained,” Piluso said.
The mobility law takes effect Nov. 15.
Acorda joins NY BioHud Valley
Acorda Therapeutics Inc., the Hawthorne-based biotechnology company that develops and markets drug products for neurological disorders, has joined NY BioHud Valley as a founding member of the regional marketing organization.
Directed by the Hudson Valley Economic Development Corp., NY BioHud Valley was launched in 2010 as an initiative of private companies and government agencies to promote and brand the seven-county region as an “epicenter” for a growing cluster of innovative biotech and pharmaceutical companies. More than 60 biotech and pharmaceutical companies are based in the region, according to HVEDC officials.
“Acorda has been based in the Hudson Valley for over a decade and we are proud to have contributed to building a vibrant biotechnology community in the area,” Dr. Ron Cohen, Acorda president and CEO, said in a statement. “In collaboration with its founding members, NY BioHud Valley will be an important voice in attracting a broad range of high-quality biotech companies and skilled professionals to this region.”
“Acorda”™s evolution from fledgling startup to flourishing corporation embodies the best of the NY BioHud Valley region,” Westchester County Director of Economic Development Laurence Gottlieb said in a statement. “Tapping into their leadership DNA will help us replicate Acorda”™s success as we continue constructing the fastest-growing biotech cluster in the nation.”
Acorda in 2012 will relocate its corporate headquarters in Westchester to the Ardsley Park science and technology campus in the town of Greenburgh.
NY BioHud Valley members include Astellas Pharma US Inc., Aureon Biosciences Inc., BioMed Realty Trust Inc., C.W. Brown Inc., IBM, M&T Bank, National RE/Sources, New York Medical College, Better Homes and Gardens Real Estate-Rand Commercial Services, Regeneron Pharmaceuticals Inc. and TD Bank.
