Fyre Festival LLC, the holding company behind the ill-fated festival, has been forced into liquidation by a NY bankruptcy judge as lenders try to recoup their investments
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Providence-backed Superstruct Entertainment continues to roll up what CEO James Barton calls Europe's most "outstanding live music and arts festivals"
By Jon Chapple on 30 Nov 2018
James Barton-led festival owner/operator Superstruct Entertainment has expanded into Finland by acquiring a stake in leading music and arts event Flow Festival. Terms of the deal, described as an investment and partnership agreement, were not disclosed.
The partnership marks the fourth such deal for Superstruct – led by Creamfields founder Barton and backed by private-equity firm Providence Equity Partners – in 2018, following August’s investment in Øya Festival in Norway, May’s acquisition of Sónar festival in Barcelona and February’s investment in Spanish promoter Elrow.
The company also owns 70% of Sziget festival in Hungary, which it acquired in January 2017.
“This is a great development for Superstruct and consistent with our strategy of partnering with outstanding live music and arts festivals in Europe,” comments Barton, Superstruct’s CEO.
“We want to ensure Flow is able to offer the highest-quality experience”
“We have been big fans of the Flow Festival for a number of years now and look forward to supporting the experienced management team solidify its market-leading position in Finland.”
Flow execs Tuomas Kallio, chairman of the board and artistic director, Suvi Kallio, managing director, and Toni Rantanen, artistic director of electronic music, will continue to lead Flow Festival Oy, the company behind the festival, and remain shareholders.
More than 80,000 people attended Flow Festival 2018, held in the post-industrial Suvilahti area of Helsinki, to see acts including Kendrick Lamar, Arctic Monkeys, Lykke Li, Lauryn Hill, Bonobo, Alma, Patti Smith, St Vincent, Fleet Foxes and Charlotte Gainsbourg.
“Given the accelerating global competition, we want to ensure Flow is able to offer the highest-quality experience,” adds Kallio. “By partnering with Superstruct, we will be able to not only improve our existing event in Finland – including continued development of the Suvilahti event area – but simultaneously collaborate with a chain of quality events.”
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