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Providence Equity-backed Superstruct has taken corporate control of Global’s festival arm, amid rumours Broadwick Live is undertaking a management buyback of its events
By IQ on 23 Apr 2019
Less than four years after it snapped up much of the UK festival market, IQ understands that Global’s portfolio of summer events have been split up between Providence Equity Partners’ Superstruct Entertainment and former partner Broadwick Live.
While the former has taken control of Global Festivals Ltd, Broadwick is reportedly planning a management buyback of its shares from Global, according to several industry insiders.
While never publicly revealing figures, Global took a “significant strategic stake” in Broadwick in June 2015 that was further increased in October 2016. At the time, Broadwick’s portfolio included Snowbombing and Festival No. 6, and it later acquired stakes in Standon Calling, Glass Butter Beach and Lost Village.
Documents recently filed at Companies House state that Superstruct Entertainment Ltd became “a person with significant control” of Global Festivals Ltd on 4 April, at the same time as Broadwick Holdings Ltd ceased to have a significant interest. Shortly after, Broadwick’s directors resigned from the company and Providence Equity’s Siniša Krnić, Roderik Schlösser and Daniel Zwicky were appointed as directors.
After launching into the festival market in 2015, Ashley Tabor’s radio and media conglomerate Global grew the portfolio to a total of 17 events in March 2017 by acquiring majority stakes in Hideout Festival in Croatia and Victorious Festival in the UK. South West Four, Field Day, Boardmasters and ’80s festival Rewind, in Henley, were previously part of the Impresario portfolio, while Y Not and Truck were owned by Tramlines promoter Count of Ten.
“This acquisition further demonstrates that Superstruct is committed to building a strong portfolio of live entertainment brands”
A spokesperson confirms the festivals acquired by Superstruct include Victorious and Hideout, as well as the UK’s South West Four, Kendal Calling, Truck, Tramlines and Boardmasters. Events not included in the agreement, including Field Day, Festival No. 6 and Snowbombing, as well as Broadwick Venues, are believed to remain under Broadwick’s control.
James Barton, CEO of Superstruct, comments: “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 move is believed to be the first UK buy for Superstruct, returning James Barton to his home nation, where he cut his teeth building EDM festival Creamfields in the late 90s. It follows a long string of European festival acquisitions for Superstruct over the past year including Finland’s Flow Festival, Øya Festival in Norway, Barcelona’s Sónar festival, Sziget festival in Hungary and Spanish electronic music promoter Elrow.
The change in ownership of Global’s festival business comes 18 months after its touring arm, Global Live, was wrapped up following the exit of principals Sam Bush and Joe Schiavon, who both left to join Live Nation.
Financial terms of the Superstruct-Global deal were not disclosed.