Third Space Partners Acquires Quest Events, Parent of Drape Kings
Private equity firm Third Space Partners has acquired Quest Events, a 17-location event rental company based in Frisco, Texas, and plans more locations and add-on acquisitions. Read on for what's changing and what isn't.
Another big name in event rental just changed hands.
ARA’s Rental Management reported that investment vehicles managed by Third Space Partners, a private equity firm that focuses on the experience economy, have acquired Quest Events. The price wasn’t disclosed.
Who Quest Events is
Quest Events started in 1998 and is based in Frisco, Texas. It rents pipe and drape, modular scenic, staging and event furnishings to AV companies, hotels, corporate planners and the special events world.
It runs 17 locations across the US. Its specialty divisions are Drape Kings and A & D Scenery.
Who’s running it now
Not much changes at the top, at least for now. Founder and CEO Lee Dunlap and the current management team will keep running the business.
Matt Settle, founder and managing partner of Third Space, said the firm backs “the essential businesses behind live experiences.” He also pointed to Quest’s position in what he called a fragmented market.
What the new owner plans
According to the report, Third Space wants to use its connections in music, sports and live entertainment to move Quest into new segments. The plan also includes:
- Building out sales and service
- Growing the scenic side of the business
- Opening new locations
- Buying complementary companies
The full story is on ARA’s Rental Management site.
Why this matters for rental owners
Quest plays mostly on the corporate, hotel and AV side, so it’s not chasing backyard bounce house birthdays. But if you rent tents, drape, staging or event furniture for weddings and corporate events, a private equity backed player with 17 locations and a plan to open more could show up in your market.
That last line is the one to watch… “complementary acquisitions” means they’re shopping. Private equity buyers often grow by buying solid regional companies. If you’ve built a clean, profitable event rental business, that’s worth knowing, whether you want to sell someday or plan to compete with the roll-ups.
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Read the full article, Third Space Partners acquires Quest Events, at ARA / Rental Management.
