This article has been updated to reflex the information and comments we received from Global and Superstruct.
Superstruct Entertainment, the live entertainment platform backed by Providence Equity Partners, a premier global private equity firm, announced it has entered into a definitive agreement for the acquisition of several live music and entertainment festivals from Global Media & Entertainment.
Global’s portfolio included Boardmasters, Y Not, Truck, Standon Calling, Kendal Calling, Victorious, Snowbombing, Snowbombing Canada, South West Four, Field Day, Electric Elephant, Lost Village, and Rewind. Global, Ashley Tabor’s broadcast/music group that also owns a number of radio stations including Capital, Heart, Smooth and Radio X, went on a bulk buy of festivals back in 2016.
Superstruct Entertainment, a private equity-backed live entertainment group has been snapping up festivals lately including similar deals with Sziget Festival in Hungary, Finnish festival Flow, Elrow and Sónar in Spain and Øyafestivalen in Norway.
Superstruct will acquire a portfolio of established, live music and entertainment festivals which includes UK based Victorious Festival, South West Four, Kendal Calling, Truck, Tramlines (who had a Share Purchase Agreement with Global)and Boardmasters as well as Hideout which is held in Croatia.
James Barton, CEO of Superstruct, said: “This acquisition further demonstrates that Superstruct is committed to building a strong portfolio of live entertainment brands. We look forward to supporting the different festivals in their growth in their respective markets.”
The Providence Equity Partners-backed company is led by James Barton, formerly president of electronic music at Live Nation, and Paul Bedford, the former financial director of Impresario Festivals (previously Boardmasters, Field Day, SW4 before the sale to Global). Providence Equity Partners is no stranger to the music business with investments in Warner Music Group.
Where that leaves Tramlines Festival who had a Share Purchase Agreement and outstanding loans with Global we are not sure.
More updates as we get them. We have statements on the way from festivals.
Kendal Calling organisers have said:
“We’re very excited to be working alongside our new partners at Superstruct Entertainment. They have great reputations and a wealth of top notch experience delivering some of the best festivals in the world – so whilst it’s very much business as usual this can only be a great moment for Kendal Calling and we’re very excited at what the future will bring. But for now we’re firmly planted in the past as we build the props and set the scene for this years Jurassic themed extravaganza – not long to go now.”
Sheffield’s Tramlines Festival – Timm Cleasby, Operations Director has sent out this:
Global have supported Tramlines financially for the last year and a half and that support will now shift to Superstruct Entertainment. The team operating and running Tramlines remains the same and it’s business as usual for Tramlines 2019.