Canalta Centre’s managing company sells
The company that manages the Canalta Centre in Medicine Hat and some of the largest sports venues in the world has been sold.
SMG Worldwide, the parent of local operator SMG-Canada, announced Monday that the principals had sold the firm to a large investors group.
Private equity firm, Onex, said Monday it had acquired the company but would retain the senior management group to continue operations of the 40year-old company.
Todd Sharpe is the general manager of the City of Medicine Hat parks and recreation department, which oversees the city-owned Canalta Centre managed on a day-to-day basis by SMG.
He told the News his office was informed last week a sale could be pending.
“We have a good working relationship with SMG and we’re not expecting many changes,” he said.
SMG managers said ONEX — an investment firm that overseas US$5.7 billion is assets — was a good fit.
“Onex values the deep relationships our general managers have cultivated within the municipalities we serve,” said SMG chief executive officer Wes Westley. “Its ownership mentality and long-term focus make it an ideal partner for us.”
The value of the transaction was not released. Both companies are headquartered in Pennsylvania.
Amir Motamedi, a managing director with Onex, said in a release that “we’re excited to work... to continue to provide the same world-class service their clients have come to expect.”
SMG was founded in 1977 to operate the Superdome in New Orleans.
It now manages 240 venues in eight countries, including several NFL, NBA and NHL facilities, as well as smaller arenas home to other major and minor league teams.
Western Hockey League facilities include the Canalta Centre and the Showare Centre in Kent, Wash. Other Canadian operations include arenas in Mississuaga and Kingston, Ont.