The KFC Yum! Center in Louisville, Ky., is among the buildings that AEG Facilities brings to the merger.
Resulting company ASM Global has more than 300 venues across five continents
AEG Facilities, the venue management arm of Anschutz Entertainment Group, and SMG, a portfolio company of Onex and its affiliated funds, announced they had completed their business transaction to create a standalone facility management and venue services company called ASM Global.
ASM is based in Los Angeles with key operations based in West Conshohocken, Pa., a suburb of Philadelphia. The company also has corporate offices in London; Manchester, England; Brisbane, Australia; and Sao Paulo.
ASM operates a portfolio of more than 300 facilities across five continents that includes arenas, stadiums, convention and exhibition centers, performing arts centers, theaters and other venues.
AEG retains ownership of its venues and entertainment districts in Los Angeles, including Staples Center and L.A. Live, as well as London, Hamburg and Berlin.
Bob Newman, former president of AEG Facilities, has been named president and CEO of ASM, effective immediately. Before joining AEG Facilities, Mr. Newman spent more than 20 years at SMG, last serving as a regional vice president for the company.
Wes Westley, former CEO and president of SMG, will focus his efforts on key strategic growth initiatives and ensuring a seamless integration.
Said Newman in a statement: “Bringing together the combined global expertise of each company with the best content and cutting-edge technologies, we will be able to realize the full potential of the world’s greatest spaces, places and events, create amazing experiences for guests, offer exciting new opportunities to employees and deliver the highest value for all stakeholders. Equally important, our deep bench of talent and shared resources will enable ASM to accelerate innovation and capitalize on the growing market opportunities.”
Added Westley: “I am very proud to have had the opportunity to lead such an incredible organization as SMG. We have a long history of working closely with our public and private partners and are confident in our ability to continue to meet and exceed their expectations.”
Onex, AEG and their respective affiliates are contributing their entire equity investments in SMG and AEG Facilities, respectively, into the combined business and are equal co-owners of ASM.