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.

End of an Era Box

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.

Better Option Big