Third Space buys live-event drape leader Quest in consolidation push
What's the deal? Private equity firm Third Space Partners has acquired Quest EventsDealroom has a profile for this one. Try Dealroom →, the US national leader in drape and modular scenic solutions for live events. Terms were not disclosed. Quest's management team, led by founder and chief executive officer Lee Dunlap, will continue to run the business.
What does Quest do? Founded in 1998, Quest designs, builds, and installs the drape and scenic elements that turn empty ballrooms and convention halls into finished, branded spaces. It operates 17 US locations and supports more than 17,000 events a year for over 5,000 accounts, including AV production companies, event producers, and meeting planners.
What's the endgame? Third Space invests in businesses powering the experience economy, and plans to expand Quest's footprint through new locations, added scenic capabilities, and further acquisitions. It also intends to use its relationships across music, sports, and live entertainment to bring Quest into new segments.
Why now? Quest operates in a market served mostly by local and regional players, giving it rare national reach for complex, multi-market projects. In a March realignment, it separated its drape and scenic operations from its event-rental platform — leaving Third Space a focused platform to scale.
"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.
The money trail: McGuireWoods LLP served as legal counsel to Third Space, and funds affiliated with BDT & MSD PartnersDealroom has a profile for this one. Try Dealroom → provided debt financing.
The signal: The deal fits a wave of investor-backed consolidation in live-event services. In September, Fifth Ocean Capital and Tartan Investment Partners invested in production-rental provider Complete Production Resources, which is also pursuing geographic expansion and add-on acquisitions — a sign backers see fragmented event infrastructure as ripe for roll-ups.
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