PRIVATE EQUITY
Private Equity Proves a Maturing Industry By Ray Smith, Exhibit City News 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 16 Jan/Feb/Mar 2026 Exhibit City News
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.