EQT latest private equity firm to enter touring biz
EQT has become the latest private equity firm to enter the international touring business, following in the footsteps of companies like Silverlake, Yucaipa, Providence and Waterland.
The ‘purpose-driven global investment organisation’ today (19 July) announced that the EQT X fund has agreed to become a strategic investor in UTA.
Under the transaction, the UTA partnership and leadership continue to hold the controlling interest in the company, with EQT becoming the largest outside shareholder.
Investcorp, a global alternative investment firm that invested in UTA in 2018, will sell its full minority stake to EQT, and EQT will also purchase a portion of existing stakes from continuing shareholders including PSP Investments.
According to a release, EQT’s financial resources, expertise in capital markets, in-house digital team and global footprint will help fuel UTA’s next phase of investments in talent, innovation and international expansion.
Jeremy Zimmer, CEO of UTA, says: “EQT is the perfect partner for UTA’s next phase of growth. They have deep international capabilities, a strong balance sheet, and most importantly they truly appreciate and respect the culture that we have built at UTA.
“David Kramer and I led this process, and we made sure to listen to our instincts about who we felt would really help us drive growth while protecting our culture. We believe that we found the right partner to maintain that balance.”
“EQT is the perfect partner for UTA’s next phase of growth”
Kasper Knokgaard, EQT partner and global head of the services sector team, adds: “EQT invests in industry-leading platforms that are well situated for strong and sustained growth across economic cycles, are aligned with our values, and where we know we can create significant value –UTA checks all the boxes.
“We are excited to partner with Jeremy Zimmer and the entire team to accelerate UTA’s growth trajectory and enable more opportunities across entertainment and media.”
Dave Tayeh, head of private equity – North America at Investcorp, comments: “Our investment in UTA was highly successful and we are proud to have partnered with the UTA team as they achieved exceptional growth over the past four years. The company has strengthened its position as a market leader and we wish the team and EQT continued success.”
Martin Longchamps, MD at head of origination and execution at PSP Investments, says: “Since our original investment in 2018, PSP Investments and Investcorp have been working closely with Jeremy Zimmer and his management team to continue to strengthen UTA’s exceptional market position.
“During this time, UTA has proven its abilities to perform, innovate and diversify as a leading entertainment company. We are excited to continue this journey with UTA and to welcome EQT. Together, we will be a driving force in supporting UTA’s long-term growth.”
EQT has €77 billion in assets under management across 36 active funds. EQT funds have portfolio companies in Europe, Asia-Pacific and the Americas with total sales of approximately €29 billion and more than 280,000 employees.
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