Investment vehicles managed by private equity firm Third Space Partners have acquired Quest Events. The Frisco, Texas-based company supplies drape, modular scenic systems, staging, and event furnishings.
The companies announced the acquisition Oct. 29 but did not disclose financial terms. Founder and CEO Lee Dunlap and Quest’s existing management team will continue to lead the business.
With the investment, Quest plans to add locations, expand its services, and pursue acquisitions. Third Space also plans to help the company grow in music, sports, and live entertainment.
A BIGGER FOOTPRINT
Founded in 1998, Quest operates 17 U.S. locations. According to the company, it serves more than 5,000 customer accounts and supports more than 17,000 events annually. Those events include corporate gatherings, conferences, tradeshows, and live productions.
Quest designs, builds, and installs drape and modular scenic elements for ballrooms, convention halls, and other event spaces. It also provides design support, custom fabrication, installation, on-site crews, and removal after events.
Its offerings include AV Drop modular scenic systems. Meanwhile, its customers include audiovisual production companies, event producers, experiential agencies, and meeting planners.
Third Space plans to invest in Quest’s sales and service capabilities while expanding its scenic offerings. In addition, the firm will use its industry relationships to help Quest reach new customers and event categories.
“We see significant opportunity to build on that foundation by expanding capabilities and bringing critical services to new customers and markets,” said Matt Settle, founder and managing partner of Third Space Partners.
SAME LEADERSHIP, NEW BACKING
Dunlap will remain at the helm of the company he founded nearly 30 years ago.
“We’ve built Quest around our people, our customers and the ability to deliver on events of every size and complexity,” Dunlap said.
He added that Third Space brings industry knowledge, relationships, and resources to support the company’s growth.
Quest also provides full-service offerings alongside specialty divisions, including Drape Kings and A & D Scenery, in select markets.
For the transaction, McGuireWoods LLP served as legal counsel to Third Space Partners. Funds affiliated with BDT & MSD Partners provided debt financing.
Third Space Partners invests in founder- and family-owned businesses serving live events, sports, entertainment, and recreation. For more information, visit thirdspacepartners.com.
Quest Events rents pipe and drape, modular scenic systems, staging, and event furnishings. Its customers work in audiovisual production, hospitality, corporate events, and special events. For more information, visit questevents.com.
Press release submitted by Third Space Partners. Edited by Exhibit City News for clarity, length, and style.
