Bidders line up for Superstruct – report

A formal auction process for live behemoth Superstruct is set to be launched next month, according to a new report.

Insiders tell Reuters the Providence Equity Partners-backed firm could be valued at up to £1.5 billion (€1.75bn) in a sale. A source previously told Reuters that the company, which is the second-largest festival promoter in the world after Live Nation, generates annual revenue of more than €100 million.

Providence is said to be working alongside banks Liontree and HSBC to gauge interest after planning the sale last summer.

The report lists Blackstone and CVC as potential bidders, with Advance Publications, KKR and EQT also named as interested parties

The report lists Blackstone and CVC as potential bidders, with Advance Publications, KKR and EQT also named as interested parties. Providence, CVC, Blackstone, EQT, Advance, KKR and HSBC declined to comment on the rumours, while Superstruct and Liontree did not respond.

Superstruct was founded in 2017 by Creamfields founder and former Live Nation president of electronic music James Barton and Roderik Schlosser while at Providence.

Its UK interests include Y Not, Truck, Nass, Bluedot, Victorious, South West Four, Kendal Calling, Tramlines, Boardmasters and Lost Ventures – many of which were acquired when Global’s portfolio was divvied up in April 2019.

Elsewhere in Europe, its network includes operators and festivals such as Elrow (ES), Sziget (HU), Wacken Open Air (DE), Mysteryland (NL), Hideout (HR), Sonar (ES), Flow (FI), Øya (NO) and Tinderbox (DK).

Last year, it bought majority stakes in London-based festivals Mighty Hoopla and Cross the Tracks, as well as Austria’s Snowbombing, and also acquired The Music Republic, promoter of iconic Spanish festivals Arenal Sound and Benicàssim (FIB).

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