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CVC has joined fellow global investment company KKR in investing in the leading promoter, which operates 80+ festivals across 10 countries
By James Hanley on 28 Oct 2024
Private equity firm CVC has secured a stake in Superstruct Entertainment just weeks after KKR’s acquisition of the festival behemoth was given the green light.
Fellow global investment giant KKR, whose interests include music company BMG, acquired Superstruct from Providence for €1.3 billion in June – a deal that was approved by the European Commission last month.
Superstruct owns and operates over 80 music festivals across 10 countries in Europe and Australia, including Wacken Open Air, Parookaville, Tinderbox, Sónar, Øya, Benicàssim, Kendal Calling and Boardmasters. It was founded in 2017 by Creamfields founder and former Live Nation president of electronic music James Barton and Roderik Schlosser while at Providence.
Details of CVC’s stake have not been disclosed, but it has made past investments in musical and theatre group Stage Entertainment, as well as Formula One, Women’s Tennis and LaLiga, among others.
Private markets manager CVC, which has a network of 30 office locations throughout EMEA, the Americas and Asia, will support Superstruct as a strategic partner in the next phase of its development, with the promoter to benefit from the “combined global expertise, resources and capital of two leading investors with significant experience across the media and entertainment sector”.
“KKR and CVC will ensure that Superstruct remains at the forefront of the industry, driving innovation and setting the standards for live entertainment”
“KKR and CVC will ensure that Superstruct remains at the forefront of the industry, driving innovation and setting the standards for live entertainment,” reads a press release.
According to the firms, CVC’s investment “positions Superstruct to accelerate its mission of creating best-in-class live experiences, working closely with entrepreneurs, creative visionaries and business-minded professionals”.
CVC was named as a potential bidder for Superstruct as far back as April, prior to the launch of a formal auction process for the firm – the second-largest festival promoter in the world after Live Nation.
IQ charted the increasingly close links between the international touring industry and private equity here.
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