Smart, easy money was made on Taylor Swift’s 2024 Eras concert tour that packed stadiums with thousands of “Swifties” and brought $2 billion in revenue, opening investors’ eyes to lucrative opportunities in live events.
Granted, as a live event, a convention or tradeshow doesn’t quite measure up to Swift’s sexy allure. Still, there remains the attraction of live, face-to-face interaction that was sorely missed during the COVID-19 pandemic.
That’s why private equity firms are pouring hundreds of millions of dollars into tradeshow companies, a solid indication of the industry’s maturation and bullish outlook on the future of live events.
A plethora of transactions have taken place over the last few years, highlighted by Los Angeles-based Truelink Capital acquiring Global Exhibition Services (GES), a global giant in the exhibition and event industry, from Viad Corp. for $535 million in October 2024.
“I think they see potential for growth, and so I think others see that as well,” Marianne Sczcech, GES executive vice president of marketing, products and services, tells Exhibit City News. “I think it’s going to keep growing, not just tradeshows, but all live events. If you look at the consumer, it’s the younger generation that craves that experience. That also translates to the business and corporate world because that’s how they want to transact.”
GES was the sixth acquisition for Truelink, a middle-market private equity firm focused on creating long-term value by partnering with industry-leading companies. The firm has a successful track record of investments in the industrial and tech services sectors.
“Together with GES exceptional leadership team, we will continue to invest in its core strengths in creative design, logistics and event management, pursue growth through strategic acquisitions, and expand its agency presence,” Luke Myers, co-founder and managing partner of Truelink, commented when the deal closed.
TenFifty Capital
Investment money is coming from around the world. TenFifty Capital, a European real estate lending firm, was launched in September 2025 in alliance with Apollo Global Management.
Under the leadership of CEO Hugh Fraser, TenFifty will focus on commercial real estate loans in the $12 million to $60 million range, particularly as traditional lenders scale back on loan originations.
“I’ve long held the belief that the small and mid-market European CRE debt space is often neglected and ripe for improvement,” Fraser says in a company statement. “TenFifty Capital exists to address that gap, with a genuinely pan-European platform dedicated to supporting this sector of the market.”
While no specific transactions involving the tradeshow industry have been announced, Apollo is known for investing in sectors with strong ties to events and exhibitions. The company acquired the operations of Venetian Resort and Sands Expo for a reported $2.25 billion in 2021, renaming it the Venetian Expo.
Shamrock Capital
Shamrock Capital, based in Los Angeles, purchased a majority share in Nth Degree Inc., a top event management and experiential marketing company with a 45-year history in the tradeshow industry.
The deal, announced in September 2024, is expected to strengthen Shamrock’s presence in the rapidly growing event sector and establish an “unparalleled platform” for the development of new business opportunities across the broader industry, according to a company press release.
“As long-time investors in tradeshows, live events, and agencies and marketing services companies, we are thrilled to welcome Nth Degree to the Shamrock family,” states Andy Howard, partner and executive committee member of Shamrock.
Nth Degree has been providing best-in-class, mission critical labor and event management solutions to an evolving industry, and Shamrock’s investment will build upon their “already stellar platform,” he adds.
Specializing in labor and project management, creative installations and retail environments, Nth Degree works with 4,000 annual industry events, providing services that span the entire event lifecycle, from pre-event planning through on-site delivery services.
New State Capital
New York-based New State Capital added The Expo Group to its portfolio in 2024. The investment was made in partnership with the managers and existing owners of The Expo Group, who reinvested substantial proceeds back into the company. Financial terms of the transaction were not disclosed.
The investment is a “significant milestone” in The Expo Group’s business journey, says Ray Pekowski, founder of the company.
“This collaboration not only honors the legacy we’ve built but also sets the stage for an even brighter future,” he comments. “I am confident that with New State’s support, The Expo Group will continue to lead the industry and achieve new levels of excellence.”
Headquartered in Irving, Texas, The Expo Group provides design, planning, asset procurement, rental, and execution services as the “architect” for some 100 tradeshows and live events annually.
New State Capital also acquired CDS, a market-leading provider of data center hardware maintenance and support for high-end storage and service equipment. The company serves a diversified customer base, including conventions and tradeshows, throughout the U.S., U.K., Canada, Germany and Australia.
Gemspring Capital
Gemspring Capital, a middle-market private equity firm based in Westport, Connecticut, recognized the upside of tradeshow investment in early 2020, acquiring Skyline Exhibits and its largest independent dealer, TradeTec. Gemspring claims $3.8 billion capital under management.
In a company statement, Don Gerne, managing director at Gemspring at the time, describes Skyline as an “unmatched value proposition and portfolio of products and services to its dealers and customers that uniquely position the company for continued growth.”
Skyline has transformed and grown with the rebound of the tradeshow and live events industry, posting “significant revenue growth” since 2022, investing in production assets and completing dealer acquisitions.
Eagan, Minnesota-based Skyline designs and builds exhibits and displays, and provides related tradeshow services such as asset management, installation and dismantling, and equipment rentals. Customers are served through a network of 27 retail centers, four regional service centers and 45 independent dealers.
Gemspring’s acquisition resulted in the loss of 100 to 150 Skyline jobs, according to news reports. A spokeswoman for Gemspring Capital was unable to comment on the acquisition due to the company’s press guidelines.
Saving The Industry
Tommy Goodwin, executive director of the Exhibitor Contractors Association (ECA), believes private equity saved the tradeshow industry in the wake of the pandemic.
“Private equity took a particularly keen interest in this industry as they saw people coming back to face-to-face events,” Goodwin comments in Exhibit City News. “They realized this may be the last vestige of where buyers and sellers get together somewhere as opposed to Zoom.”
While private equity carried small businesses through the pandemic, particularly those that failed to qualify for the government’s Paycheck Protection Program, the meetings and events industry has moved well past COVID-19 and has more than recovered, Sczcech notes.
“They (PE firms) see product tracking as something important, and just the conversation happening face to face … it’s a lot more significant than surfing the web,” the GES executive says in a phone interview from Chicago.
The reputation of a company probably tops the list when private equity firms consider tradeshow investment, Sczcech asserts. It’s a very realistic driver. “Second is brand awareness, but really you start with the reputation. You’re trusting this company to execute your vision, and there’s a lot at stake when that happens.”
Market Outlook
Economic uncertainty continues to cloud the outlook for private equity investment, according to a second-quarter 2025 report from PitchBook, a leading resource for comprehensive data, research and insights on global capital markets. Despite the darkness, deal activity “remains elevated” and is on pace for another strong year, the report notes.
Financial analysts see investor confidence gaining as the tradeshow industry returns to pre-pandemic levels. A private equity report from Bain & Co. shows deal-making has rebounded, but regaining momentum may take longer. Fundraising lagged as limited partners kept a check on allocations in the face of prolonged asset holding periods.
“The first half of 2025 has reminded investors that capital markets can ascend, even when geopolitics unsettle, tariffs cause uncertainty, and macro data send mixed signals,” says Henry McVey, head of the global macro and asset allocation team at KKR investment firm, in his midyear outlook. “Our message for the balance of the year is not one of complacency. Rather, it is discipline.”
KKR financed Freeman’s acquisition of global brand agency Sparks in 2023, funded primarily through KKR Opportunities Fund II and strategic investment accounts. Terms were not disclosed.
A spokeswoman for KKR clarified that Freeman has not been acquired by KKR or any private equity firm. KKR is a “strategic partner,” but Freeman remains family owned, she stressed.
Carrie Freeman Parsons, chairwoman of Freeman, says the company will continue to “enhance our capabilities to better support corporate customers,” and she looks forward to delivering “outstanding event experiences” with the support of KKR.
Pivotal Role
While private equity can infuse vital capital into a company, increase cash flow, reduce debt and possibly save it from bankruptcy, the investment comes with strings attached. Changes in management may create disputes over hiring and firing, company profits are often diluted, and if a struggling company can’t turn things around, the exit strategy may be to completely dismantle the company.
Despite potential shifts in market cycles, fund managers remain optimistic, citing a vast backlog of assets and growing sophistication in secondary markets as key growth drivers.
As the tradeshow industry continues to face inflationary pressure, market volatility, and challenges in the global economy, private equity figures to play a pivotal role in the outcome of its future.
Image CC: Adobe Stock
This story originally appeared in the Q1 2026 issue of Exhibit City News, p. 16. For original layout, visit https://issuu.com/exhibitcitynews/docs/exhibit_city_news_-_jan_feb_mar_2026/16.
