Woodland Hills, CA – TBA Global Events, a privately held company that produces and manages corporate and live events, acquired PGI: The Event and Communications Agency on July 25th. TBA is located in Woodland Hills, CA (suburban Los Angeles) and PGI is based in Alexandria, VA. The acquisition price was not disclosed, but TBA said the deal is expected to more than double its annual revenues from roughly $70 million to $175 million, reported Jeff Kline, TBA’s Executive Vice President of Business Affairs. No broker was involved in the transaction.
“We’ve been looking at them for quite a while,” Kline said. “They have a deep and diverse client base that’s complementary to ours and creates good synergy.” Kline said TBA liked the people at PGI for their creativity and business acumen that helped keep PGI afloat during trying times.
PGI cut back its destination management business last December and combined it with the company’s event services operation, while closing eight of its 28 offices and laying off about 15% of its workforce. The cutbacks came just a year after the company split operations into two sectors: destination management and events management.
The future of PGI was the subject of industry debate during 2004 when several suitors were interested in acquiring the company. PGI was founded in 1990 as an event production company, but its 2004 launch of a meeting-planning unit put it in competition with some clients.
Kline said that in the future all business units would operate under the TBA Global banner.
“PGI called every (division) something different,” he said. “We want to make it less confusing both internally and externally by reorganizing the company’s product lines.”
One of PGI’s mainstay shows is Destination Showcase, most recently held in Chicago in June. Kline said TBA is familiar with the show and plans to continue with it.
Moving Forward
Both companies have been active in the automotive, pharmaceutical, insurance, finance, banking and healthcare industries. Kline said technology, sports and entertainment events would likely be on the radar moving forward.“TBA is one of largest bookers of entertainment around fairs and festivals in the U.S.,” Kline said. The company plans to use that expertise to support corporate and consumer events; try to team consumer clients with fairs and festivals; and marry entertainment options for corporate and consumer America.
TBA, formerly known as TBA Entertainment, was itself acquired – last year — for $5 million, by a partnership consisting of former MCA Records Chairman Irving Azoff, entertainment industry executive Robert Geddes and JHW Greentree Capital LLC, an affiliate of Stamford, CT-based Whitney & Co. LLC. The company name was subsequently changed to TBA Global Events.
Reach Jeff Kline, Executive Vice President of Business Affairs, TBA Global Events (818) 728-2600.
