AEG Facilities LLC, the venue management affiliate of Anschutz Entertainment Group Inc., and SMG, a portfolio company of Onex and its affiliated funds, are merging to create a new, standalone global facility management and venue services company, ASM Global.
ASM is headquartered in Los Angeles with key operations based in West Conshohocken, operates a diversified portfolio of arenas, stadiums, convention and exhibition centers, performing arts centers, theaters and other venues with more than 300 facilities across five continents.
Bob Newman, former President of AEG Facilities, has been named president and CEO of ASM, effective immediately. Wes Westley, former CEO and president of SMG, will focus his efforts on key strategic growth initiatives and ensuring a seamless integration.
Onex, AEG and their respective affiliates are contributing their entire equity investments in SMG and AEG Facilities, respectively, into the combined business and are now equal co-owners of ASM.