Viad Corp. (VVI) Acquires ON Event Services
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Viad Corp (NYSE: VVI) announced today that it has acquired the business of ON Event Services, LLC, a leading provider of audio-visual production services for live events in the United States. ON Event Services specializes in corporate events and exhibitions, supporting more than 1,000 live events annually with production services, including audio, video, lighting, mapping and scenic design. In addition, the business produces high-end entertainment events and is the preferred in-house provider of audio-visual services for 36 venues, including hotels, arenas and conference centers.
Steve Moster, Viad's president and chief executive officer, said "Enhancing our event production capabilities has been a focus for the GES growth strategy and this acquisition is a perfect strategic fit. With its scale, scope and expertise in high-end audio-visual production, the ON Event Services business continues to position GES as the preferred live events partner offering the most comprehensive suite of services and technology with unrivaled global reach. Audio-visual services are an essential component of live event production and represent a large market opportunity for us. This acquisition will accelerate GES' growth and margin expansion, specifically around market penetration and breadth of service offerings, by providing significant cross-selling opportunities along with an enhanced and complete client experience."
Stan Milner, president of ON Event Services, said "We are excited to join Viad and the GES network. The powerful combination of the business of ON Event Services, with its more than 225 live event specialists and extensive on site audio-visual production capabilities, and GES' suite of existing offerings will enable us to comprehensively serve the needs of clients across the spectrum of live events, with industry-leading services that engage participants and enhance the overall event experience."
The acquisition of the ON Event Services business closed on August 11, 2016 and was within Viad's stated target valuation range, with a projected IRR of more than 15%. It is expected to contribute revenue of $20 million to $25 million and Adjusted Segment EBITDA(1) of $3.5 million to $5 million during the remainder of 2016. For the 2016 third quarter, it is expected to contribute $6.5 million to $8.5 million in revenue and $1 million to $2 million in Adjusted Segment EBITDA(1).
(1)See "Forward-Looking Statements and Non-GAAP Financial Measures"
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