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.