Partnership automation provider Impact has secured a $75m investment led by the growth equity affiliate of Providence Equity Partners
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Funds advised by Providence Equity Partners, the parent company of Sziget/Flow Festival owner Superstruct, have bought into industry leading staging specialist Tait
By Jon Chapple on 26 Feb 2019
Providence Equity Partners, the parent company of festival operator Superstruct Entertainment and event tech company Patron Technology, has invested in Tait, which designs and supplies concert touring infrastructure for some of the world’s biggest acts.
Tait – founded in 1978 as Tait Towers – designs, constructs, manufactures and operates stages and installations for a roster of clients that includes the Rolling Stones, U2, Taylor Swift, Justin Timberlake, Disney, Universal, Cirque du Soleil and Nike. The company, headquartered in Lilitz, Pennsylvania, but with offices across North America, Europe and Asia, has worked on 17 of the 20 highest-grossing tours of all time.
The investment from funds advised by Providence, terms of which were not disclosed, sees the private-equity firm become a major shareholder in Tait, with the company’s CEO and president, James ‘Winky’ Fairorth, and chief creative officer, Adam Davis, each retaining a “significant” stake.
Fairorth comments: “We are thrilled to partner with Providence to help take us through our next phase of growth. The firm has an impressive track record of investing in businesses that deliver world-class events and experiences. This growth equity investment is a testament to the breadth and depth of Tait’s talented team and unique culture of excellence, which have advanced industry standards and exceeded client expectations for over 40 years.”
“Providence is the ideal partner to help us accelerate our growth initiatives and strengthen our market position,” adds Davis. “We are proud to be a part of the Providence family and look forward to working with them to expand our offering for artists, entertainment companies and corporate brands that consistently turn to Tait for spectacular live experiences.”
“Our investment in Tait is a great fit with Providence’s growing portfolio of … businesses focused on live, out-of-home events and experiences”
In addition to Patron – which recently acquired festival app developer Greencopper and event management outfit Marcato – and fast-growing Superstruct, whose most recent acquisition is Finland’s Flow Festival, Providence’s US$40bn worth of investments include venue operator Ambassador Theatre Group, sports marketing agency Learfield, US football league Major League Soccer and the World Triathlon Corporation, which organises the Ironman championship.
Scott Marimow, managing director of Providence, says: “Tait is regarded as the gold standard in the industry for its differentiated capabilities, global presence, client relationships and track record of delivering the finest live event solutions in the world. The company is also well positioned for sustainable growth from strong, secular trends, as artists, entertainment concepts and brands are spending more on live events and production quality to create memorable experiences that drive heightened consumer engagement and sharing across social media.
“We are excited to partner with such a passionate management team and look forward to working together.”
Michael Dominguez, also MD of Providence, adds: “Over the past four decades, Tait has grown to become an industry leader. We feel fortunate to have the opportunity to partner with an outstanding team in order to accelerate the company’s growth and further invest in its vast IP portfolio and technological capabilities, which are applicable across multiple client types and end markets.
“Our investment in Tait is a great fit with Providence’s growing portfolio of category leading businesses focused on live, out-of-home events and experiences that are highly valued in an increasingly digital world, and that continue to benefit from attractive underlying consumer trends.”