Investment vehicles managed by Third Space Partners, a private equity firm focused on businesses powering the experience economy, have acquired Quest Events, a provider of pipe and drape, modular scenic, staging and event furnishings rental solutions to the AV, hospitality, corporate and special events industries.
Founded in 1998 and headquartered in Frisco, Texas, Quest Events operates from 17 locations across the U.S. In select markets, the company operates and provides full-service solutions alongside specialty divisions including Drape Kings and A & D Scenery.
Quest’s existing management team, led by Founder and CEO Lee Dunlap, will continue to lead the business.
“We invest in the essential businesses behind live experiences, the ones you never notice until they’re missing, and Quest is a perfect example,” said Matt Settle, founder and managing partner, Third Space Partners. “Lee and his team have spent nearly 30 years building a national leader in a highly fragmented market, where they’ve earned the trust of customers who depend on them to deliver. We see significant opportunity to build on that foundation by expanding capabilities and bringing critical services to new customers and markets.”
Third Space said it will draw on its team’s relationships across music, sports and live entertainment to bring Quest into new segments, while investing in sales and service capabilities, expanding its scenic offering, growing its footprint through new locations and pursuing complementary acquisitions.
“We’ve built Quest around our people, our customers and the ability to deliver on events of every size and complexity,” said Dunlap. “Third Space has a differentiated view of our business and the opportunities ahead of us. We’re excited to work with a partner that shares our vision and brings industry knowledge, relationships and resources to help us grow while staying true to what has made Quest successful.”
Financial terms were not disclosed.
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