KBIS Gets New Owner
TORONTO – The Kitchen and Bath Industry Show (KBIS) will have someone new running the event next year.
Nielsen Holdings N.V. is selling its exposition division, including KBIS, to private-equity firm Onex Corp. for $950 million in a cash-consideration deal announced this morning.
The sale marks the first foray into trade shows for Toronto-based Onex, which holds and manages equity investments in a $5 billion portfolio of companies and real estate in North America. Onex Partners III, Onex’ $4.7 billion private equity fund, will invest approximately $350 million, with Onex’ share at approximately $85 million as a limited partner in the fund.
“This is an exciting development in the history of the Nielsen Expositions business,” said David Loechner, president of Nielsen Expositions, in a Nielsen release. “Onex’ experience and successful track record in executing similar corporate carve-outs and building those divisions into industry-leading businesses position it as a strong partner.”
San Juan Capistrano, Calif.-based Nielsen Expositions operates 65 tradeshows and events annually, including the ASD consumer-goods show, the Imprinted Sportswear show and the Hospitality Design Expo (HD Expo) as well as KBIS. Last year, the division generated approximately $183 million in revenues.
“Nielsen Expositions’ strength in the U.S. business-to-business tradeshow industry is evidenced by its high renewal rates, long-standing exhibitor relationships, and the brand strength of the underlying shows,” noted Kosty Gilis, an Onex managing director, in the same Nielsen release. “This is a great opportunity to partner with David and his management team to build on the company’s market leadership position through continued expansion of its existing shows, as well as select acquisitions.”
Among Onex equity holdings are RSI Home Products in the bath-cabinetry industry and JELD-WEN windows and doors, along with consumer-oriented companies such as CiCi’s Pizza and Tropicana Las Vegas.
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