• Acquisition advances Third Space Partners’ strategy of investing in the essential businesses that power live events and shared experiences
• Founded in 1998 and still led by its founder, Quest operates 17 locations nationwide, serves more than 5,000 customer accounts and more than 17,000 events annually across corporate events, conferences, trade shows and live experiences
• The partnership will support Quest’s expansion into new markets, enhance its service capabilities and accelerate growth across live entertainment, sports and other event categories, both organically and through acquisitions

Third Space Partners, a private equity firm focused on businesses powering the experience economy, today announced that investment vehicles managed by Third Space Partners have acquired Quest Events, the national leader in drape and modular scenic solutions for live events. The partnership pairs Quest’s national scale and reputation for execution with Third Space’s experience and relationships across live entertainment, sports and music. Quest’s existing management team, led by founder and CEO Lee Dunlap, will continue to lead the business.

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For nearly 30 years, Quest has designed, built and installed the drape and modular scenic elements that turn empty ballrooms, convention halls and other event spaces into finished, branded environments. A full-service partner from concept to load-out, Quest pairs one of the industry’s deepest inventories and proprietary modular systems, such as AV Drop, with in-house design support, custom fabrication, installation and on-site crews.

Quest supports more than 17,000 events annually from 17 locations, and its more than 5,000 customer accounts include AV production companies, event producers, experiential agencies and meeting planners. In a market served primarily by local and regional players, Quest’s national footprint lets it deliver complex, multi-market projects.

“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 of 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 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 Lee Dunlap, Founder and CEO of Quest Events. “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.”

McGuireWoods LLP served as legal counsel to Third Space Partners, and funds affiliated with BDT & MSD Partners provided debt financing for the transaction. Financial terms were not disclosed.

About Third Space Partners

Third Space Partners is a private equity firm investing in the essential businesses behind the places and experiences that connect people with their passions, families, friends and communities. The firm partners with founder- and family-owned companies providing services and infrastructure to live events, sports, entertainment and recreation, helping them grow while preserving what made them successful. For more information, visit thirdspacepartners.com.

About Quest Events

Quest Events, headquartered in Frisco, Texas, is North America's leader in providing pipe and drape, modular scenic, staging, and event furnishings rental solutions to the AV, hospitality, corporate, and special events industries. With 17 locations across the U.S., Quest Events partners with event planners, venues, and production companies to provide creative, reliable rental solutions and turnaround installation services. In select markets, the company operates and provides full-service solutions alongside specialty divisions including Drape Kings and A & D Scenery. For more information, visit www.questevents.com.

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