Third Space Partners has acquired Quest Events, a national provider of drape, modular scenic, staging, and event furnishing solutions, as the private equity firm expands its investments across the live entertainment and experience economy.
Quest’s existing management team, led by founder and CEO Lee Dunlap, will continue operating the business.
Founded nearly 30 years ago, Quest designs, builds, and installs drape and modular scenic environments used to transform ballrooms, convention halls, and other venues for corporate meetings, entertainment productions, and special events.
The company provides services spanning concept development, in-house design, custom fabrication, installation, on-site crews, and load-out.
Its product portfolio includes proprietary modular systems such as AV Drop.
Quest supports more than 17,000 events annually from 17 locations and serves more than 5,000 customer accounts.
Its customers include audiovisual production companies, event producers, experiential agencies, meeting planners, venues, and other organizations supporting live experiences.
Third Space Partners sees opportunities to expand Quest into additional segments by drawing on its relationships across music, sports, entertainment, and related industries.
The firm also plans to invest in Quest’s sales and service capabilities, broaden its scenic product offerings, open additional locations, and pursue complementary acquisitions.
Quest operates in a fragmented industry, with many competitors remaining local or regional. Its national network allows the company to support customers running events across multiple markets while maintaining installation and service capabilities in different regions.
In select markets, Quest also provides services through specialty divisions including Drape Kings and A & D Scenery.
McGuireWoods served as legal counsel to Third Space Partners, while funds affiliated with BDT & MSD Partners provided debt financing for the acquisition.
Third Space focuses on founder- and family-owned companies providing essential services and infrastructure to live events, sports, entertainment, and recreation.
KEY QUOTES:
“We invest in the essential businesses behind live experiences, the ones you never notice until they’re missing, and Quest is a perfect example.”
Matt Settle, Founder And Managing Partner Of Third Space Partners
“We’re excited to work with a partner that shares our vision and brings industry knowledge, relationships and resources to help us grow.”
Lee Dunlap, Founder And CEO Of Quest Events
