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Private equity firms eye Dice stake – report

Ticketing and event discovery platform Dice is reportedly in discussions to sell a “significant stake” that would value the company at hundreds of millions of dollars.

Bloomberg reports that Dice initiated a more formal process after being approached by a prospective buyer, with one of its biggest investors, Softbank, keen to sell its stake.

Citing “conversations with a few people directly involved”, Bloomberg notes that three of the interested parties are private equity firms.

Launched in the UK in 2014, Dice currently operates in the UK, US, Canada, France, Germany, India, Italy and Spain. It declared its intention to step up its global expansion plans last summer after raising a $65 million funding round led by music-focused investment company MUSIC.

Dice declined to comment on the report when approached by IQ.

Dice’s most recent accounts, filed in the UK with Companies House, show that its net revenue increased 360% from $6m in the pandemic-hit 2021 to $28m in 2022, powered by “continued expansion in existing territories alongside expansion into new markets”.

The group made a $50m loss for the financial year “largely driven by the successful move into North America and the continued R&D investment into building the leading global discovery platform”. Net assets were $40m.

Elsewhere in the sector, CTS Eventim recently completed the acquisition of Vivendi’s festival and international ticketing businesses in a €300m deal.

Global creative engineering group for live experiences Tait has just announced equity investment from Goldman Sachs

The links with private equity companies mark a continuation of the increasingly close ties between the international touring industry and PE.

American global investment firm KKR acquired festival giant Superstruct Entertainment from Providence in a €1.3 billion deal last month, while Tait, the global creative engineering group for live experiences, has just announced equity investment from Goldman Sachs Alternatives’ private equity business.

Goldman Sachs will acquire a majority stake in the company from affiliates of Providence Equity Partners. Pennsylvania-headquartered Tait, which opened a UK base in London this year, designs, constructs, manufactures and operates stages and installations for clients including Taylor Swift, Cirque Du Soleil, Royal Opera House, NASA, National Geographic, Beyoncé and The Olympics.

“Since its inception, Tait has partnered with clients across the globe to bring visionary concepts to reality and create extraordinary live experiences,” says Tait CEO Adam Davis. “As we look to our future – where the digital and physical worlds seamlessly merge into bespoke, individually tailored events, we are thrilled to partner with Goldman Sachs. This collaboration will unlock new opportunities and reinforce Tait’s position as an industry leader in delivering culture-defining experiences.

“Goldman Sachs’ network and expertise will enable us to grow our global footprint and offerings, empowering the company to better serve clients, drive innovation, and pioneer new technology.”

Financial details of the deal were not disclosed.

“We believe that Tait is exceptionally well-positioned to benefit from secular tailwinds as the entertainment space continues to grow in scale and complexity, and see tremendous value creation opportunities for Tait as the company continues to broaden its technology offering and market coverage,” adds Simon Kubbies, MD at Goldman Sachs Alternatives.

 


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Global investment firm buys Superstruct for €1.3bn

American global investment firm KKR has acquired festival giant Superstruct Entertainment from Providence in a €1.3 billion deal.

Superstruct was founded in 2017 by Creamfields founder and former Live Nation president of electronic music James Barton and Roderik Schlosser while at Providence. The company owns and operates more than 80 music festivals across 10 countries in Europe and Australia, and generates annual revenue of more than €100 million.

Its network includes Elrow (ES), Sziget (HU), Wacken Open Air (DE), Mysteryland (NL), Hideout (HR), Sonar (ES), Flow (FI), Øya (NO), Parookaville (DE), Wacken Open Air (DE) and Tinderbox (DK), while 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.

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).

“We are delighted to partner with Roderik Schlösser, James Barton and the team at Superstruct who have established themselves as a leader in delivering unparalleled live music experiences globally,” says Philipp Freise, partner and co-head of European private equity and Franziska Kayser, partner at New York-based KKR, whose existing interests include global music company BMG.

“With a robust foundation as a top-tier live entertainment platform, we see significant growth opportunities ahead for Superstruct”

“With a robust foundation as a top-tier live entertainment platform, we see significant growth opportunities ahead for Superstruct. Drawing on our strong partnership approach and experience in the digital entertainment and ticketing space, such as BMG, ProSiebenSat1, GetYourGuide, and Trainline, as well as KKR’s global resources and extensive network, we will support the company and its entrepreneurial team to bring their compelling portfolio of live event formats to a wider audience and drive further growth.”

Financial terms of the deal were not disclosed, but the Financial Times reports it as €1.3bn, citing people familiar with the matter. Providence has an option to invest €250m into Superstruct as part of the transaction.

“The founding vision for Superstruct was to create a natural home for successful entrepreneurs, creative visionaries, and business-minded professionals in live entertainment,” say Schlösser and Barton. “We wanted to create a network of influence setting the standards for live experiences. Through our development, we are a leader in the professionalization of this industry, enabling our dedicated teams to excel in a collaborative and inspiring environment and create and deliver best-in-class events for millions of fans.

“We are proud to have secured the backing of KKR, whose expertise and network will strengthen our ability to scale and innovate in the vibrant experiential economy. We would like to thank Andrew Tisdale, Daniel Zwicky and the team at Providence for their outstanding support. Their belief in Superstruct has been fundamental to our success.”

KKR says it will “support Superstruct in its next phase of development”, noting that it is “one of the key players in a highly fragmented sector that continues to grow, expand and professionalise”. It also pledges to preserve “the creative and cultural DNA of the company”.

“We are confident that with KKR’s support, Superstruct will continue to thrive”

A formal auction process for the live behemoth – the second-largest festival promoter in the world after Live Nationreportedly took place last month. A report by Reuters in April named Blackstone and CVC as potential bidders, with KKR, Advance Publications and EQT listed as interested parties.

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

“We are incredibly proud of the rapid growth and success Superstruct has achieved since its inception,” adds Andrew Tisdale, senior MD, and Daniel Zwicky, director, at Providence Equity Partners. “With Providence’s backing, Superstruct has become a truly exceptional live entertainment company. In particular, we believe the company’s resilience and emergence from the global pandemic as a stronger business is testament to the entrepreneurial spirit of Roderik Schlösser, James Barton and the impressive management team.

“We are confident that with KKR’s support, Superstruct will continue to thrive.”

 


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Private equity & live music: Who owns what?

It was recently reported that Providence Equity Partners-backed live giant Superstruct Entertainment was being readied for a sale, with a formal auction process set to be launched within weeks.

Providence was said to be working alongside banks Liontree and HSBC to gauge interest after planning the sale last summer, with Blackstone and CVC highlighted as potential bidders.

The report once again brought the international touring industry’s relationship with private equity (PE) into focus, with a number of the world’s biggest companies now wedded to that world. Ticketing guru Tim Chambers tackled the increasingly hot topic in a recent op-ed for IQ.

“The corporatisation of the live music industry to form a series of vertically aligned international conglomerates has attracted the attention of a growing number of private equity and capital investment groups, all, it seems, subscribers to the notion of perpetual sector growth,” he said.

“PE investments are made in the belief that they will lead to a profitable return, rather than any abstract concerns such as great art or a vibrant and diverse live music ecosystem.”

Providence expanded its music portfolio in 2022 with a strategic investment in agency giant Wasserman

Superstruct, the second-largest festival promoter on the planet after Live Nation, was founded in 2017 by Creamfields founder and ex-Live Nation president of electronic music James Barton and Roderik Schlosser while at Providence Equity Partners.

Providence expanded its music portfolio in 2022 with a strategic investment in agency giant Wasserman, and also backs Ambassador Theatre Group and Tait (Towers). In addition, it bought into Sweetwater, the leading US retailer of musical instruments and audio equipment, in 2021.

Last year meanwhile, it acquired audio specialist d&b Group along with a minority stake in Populous, an architectural and design firm for sports and entertainment venues, whose portfolio spans 3,000 projects including London’s Wembley Stadium and the Las Vegas Sphere.

Sixth Street-backed premium experiences specialist Legends revealed an agreement to purchase venue management giant ASM Global in November last year. The reputed $2.4 billion deal is planned to lead to the creation of a premium global live events company.

Silicon Valley-based PE firm Silver Lake announced last month it is to acquire all outstanding shares WME parent company Endeavor. Silver Lake made its initial investment in WME in 2012 and bought fashion and sports-focused talent agency IMG for $2.4 billion in late 2013, rolling up both acquisitions into WME-IMG. The mega-agency was rebranded as Endeavor in 2017.

Furthermore, Silver Lake acquired Australian live entertainment behemoth TEG from another investment company, Affinity Equity Partners, in 2019, in a reputed A$1.3bn deal, and also owns shares in Oak View Group and invested in sports merchandise company Fanatics.

“Arguably, only other PE-backed entities have the means to undertake such large-scale acquisitions, and so the concentration of ownership within the sector will inevitably continue”

Global investment firm Blackstone got in on the act in 2018, snapping up the UK’s NEC Group in a deal reportedly worth more than £800 million and looks poised to acquire song management company Hipgnosis Songs Fund.

In 2018, Netherlands-based multinational investment firm Waterland Private Equity acquired six leading Scandinavian promoters and agencies – ICO Concerts and ICO Management and Touring (Denmark), Friction and Atomic Soul Booking (Norway) and Blixten & Co and Maloney Concerts (Sweden), bringing them together as All Things Live.

Elsewhere, Artémis, an investment firm led by billionaire French businessman Francois-Henri Pinault, acquired TPG’s majority stake in Creative Artists Agency (CAA) last year. PE company TPG had upped its 35% stake in CAA to 53% for a reported $225 million in 2014. The previous year, “purpose-driven global investment organisation” EQT entered the global touring business to become the largest outside shareholder in United Talent Agency (UTA).

US businessman Ron Burkle’s private equity firm Yucaipa Companies invested in booking agency Day After Day Productions in 2022, adding to existing live music interests such as  booking agencies Artist Group International, X-ray Touring, APA and K2Primavera Sound and Primavera Pro, and promoter Danny Wimmer Presents. APA and AGI merged to form Independent Artist Group (IAG) last year.

Plus, Chicago-based PE company GTCR made a “strategic investment” in American ticket exchange Vivid Seats back in 2017, and South by Southwest’s newly announced SXSW London spin-off will be produced under licence from SXSW LLC by Panarise, a live entertainment company established and owned by private investment vehicle Panarae. According to documents obtained by CMU, Panarae is associated with Ali Munir, an investor and director of SXSW’s majority owner, Penske Media Corporation.

In conclusion, Chambers, who serves as a ticketing advisor, consultant, and non-executive for various live entertainment operators, pondered whether the marriage between private equity and live entertainment had become too big to fail.

“In short, the PE strategy is to increase the volume of events by extending the territorial reach, improving the physical environment where events occur, and by then extracting more from audiences via value-add bundles, packages, and surge-pricing,” he said. “The consolidation of the live entertainment sector by a diminishing number of ever larger congloms has therefore been both a cause and effect of the influx of new capital.

“After the economic impact of layers of (vertical) consolidation and (horizontal) aggregation, the squeezing of costs, and the surge-pricing of audiences, to whom can PE-owned live music congloms sell as part of their exit strategies? Arguably, only other PE-backed entities have the means to undertake such large-scale acquisitions, and so the concentration of ownership within the sector will inevitably continue.”

 


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WME parent Endeavor to go private in $13bn deal

WME parent company Endeavor will be acquired by majority shareholder Silver Lake in a deal valued at $13 billion.

Endeavor, a Los Angeles-based sports and entertainment giant, has publicly traded as “EDR” on the New York Stock Exchange since April 2021.

Last year, private equity company Silver Lake (which also owns shares in TEG and Oak View Group) announced its intention to take Endeavor private, causing the share price to surge by 25%.

The Silicon Valley-based PE firm yesterday (2 April) confirmed it will acquire all outstanding shares, with Endeavor stockholders receiving $27.50 per share.

Endeavor is also the parent company of sports booking outfit IMG, events business On Location, marketing agency 160over90 and sports data and technology properties IMG Arena and OpenBet.

TKO Group Holdings, Endeavor’s publicly listed company consisting of UFC (Ultimate Fighting Championship) and WWE (World Wrestling Entertainment), is not included in the $13 bn deal.

“Since 2012, Endeavor’s strategic partnership with Silver Lake and Egon Durban have been central to our evolution into the global sports and entertainment leader we are today,” says Ariel Emanuel, CEO of Endeavor.

“We have built and grown Endeavor from $350m in annual revenue when we first invested in 2012 to nearly $6 bn in consolidated revenue today”

“We believe this transaction will maximize value for all of Endeavor’s public stockholders and are excited to continue to unlock and invest in the growth opportunities ahead as a private company.”

Egon Durban, Co-CEO and Managing Partner of Silver Lake, and Chairman of the Board of Endeavor, said: “Our unwavering belief in Ari and Patrick, together with Mark and other talented leaders at Endeavor, has never been stronger. This is a very special partnership.

“Together, we have built and grown Endeavor from $350 million in annual revenue when we first invested in 2012 to nearly $6 billion in consolidated revenue today. Now, Endeavor can take advantage of its unique core platform to meet the dynamic forces driving growth in content, sports, and live events with bold vision. Consistent with our mission and underscored by this commitment being among the largest in Silver Lake’s history, we are all in on working with the Endeavor team and our trusted anchor investors to create value by accelerating growth at scale.”

Silver Lake made its initial investment in WME in 2012. In late 2013, it bought fashion and sports-focused talent agency IMG for $2.4 billion and rolled up both acquisitions into WME-IMG. The mega-agency was rebranded as Endeavor in 2017.

WMEs music roster includes Justin Timberlake, Adele, Bruno Mars, Pearl Jam, The Killers and Foo Fighters, among others.

Earlier this year, Silver Lake, which also has interests in City Football Group and Madison Square Garden Sports, secured a A$1.1 billion (€663.8 million) dividend recapitalisation for Australian live entertainment giant TEG after attempts to sell the company reportedly stalled.

 


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IQ 125 out now: Peter Schwenkow, MVT, Gulf States

IQ 125, the latest issue of the international live music industry’s favourite magazine, is available to read online now.

The February/March edition sees DEAG founder Peter Schwenkow look back over 50 remarkable years as a live entertainment pioneer, while Derek Robertson talks to grassroots venue campaigners around the world as Music Venue Trust marks its tenth anniversary.

In addition, Lisa Henderson talks to female crew members and women backstage about the work they’re doing to pave the way for future generations, and Adam Woods shines a light on the burgeoning live entertainment markets in the Gulf States.

Elsewhere, we profile ten new festivals that are making their debut in 2024, and the full agenda for ILMC 36 is revealed.

For this edition’s comments and columns, IQ passes the mic to Cliff Fluet who previews his ILMC panel Artificial Intelligence: Moving at Light Speed, while ticketing guru Tim Chambers opines that the marriage between private equity and live entertainment has become too big to fail.

As always, the majority of the magazine’s content will appear online in some form in the next four weeks.

However, if you can’t wait for your fix of essential live music industry features, opinion and analysis, click here to subscribe to IQ from just £8 a month – or check out what you’re missing out on with the limited preview below:

 


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Silver Lake ‘locks in $1.1bn TEG dividend recap’

TEG’s owner Silver Lake has secured a A$1.1 billion (€663.8 million) dividend recapitalisation for the Australian live entertainment giant after attempts to sell the company stalled, according to recent media reports.

The Australian Financial Review listed KKR Credit Markets and Singapore government-owned investment firm Temasek as among the biggest backers in a joint proposal alongside The Canada Pension Plan Investment Board (CPPIB), with five lenders signing up overall as part of the debt refinancing package.

A dividend recap happens when a firm takes on new debt in order to pay a special dividend to private investors or shareholders. AFR sources say “the new debt facility includes a $950 million, five-year, covenant-lite loan at a margin of 550 basis points, and a $130 million revolver”.

The AFR describes the move as “a good outcome by any standards” for Silver Lake and co-owner Mercury Capital.

“KKR and Temasek investing together is the type of high-quality creditor you’d want in a debt stack while CPPIB oversees $600 billion in members’ money distributed via the type of global investment programme that AustralianSuper or Aware Super would love to emulate,” it notes.

Silicon Valley-based Silver Lake acquired the TEG Live and Ticketek parent from another investment company, Affinity Equity Partners, in 2019

While Temasek, KKR, Silver Lake and TEG declined to comment to Bloomberg on the report, The Edge Malaysia says the deal – which was locked in just before Christmas 2023 – will give Silver Lake Management a payout after talks to offload TEG proved unsuccessful.

Silicon Valley-based Silver Lake acquired the TEG Live and Ticketek parent from another investment company, Affinity Equity Partners, in 2019 in a reputed A$1.3bn deal and reportedly launched a sales process for TEG last year. However, Silver Lake’s asking price for TEG was believed to be around 50% higher than what the company was valued at by potential bidders.

TEG’s portfolio also includes TEG Sport, TEG Experiences, TEG Dainty, SXSW Sydney, TEG MJR, TEG Van Egmond, TEG Rockefeller, Qudos Bank Arena, Softix, TicketCharge, TicketWorld, Ticketek Singapore and Ovation.

Silver Lake also owns shares in Oak View Group, City Football Group and Madison Square Garden Sports, along with a 71% stake in WME owner Endeavor.

 


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TEG dividend recap mooted as sale talk cools

TEG’s owner is seeking a dividend recapitalisation as an alternative to selling the Aussie live entertainment giant, according to a new report.

Private-equity firm Silver Lake enlisted Jefferies’ bankers to launch a sales process for TEG earlier this year, but failed to agree a sale despite interest from fellow investment companies Blackstone and KKR, reports the Australian Financial Review.

Concert promotion, ticketing and technology firm TEG operates out of seven countries worldwide with offices in Australia, New Zealand, south-east Asia and the UK.

Silicon Valley-based Silver Lake acquired the business from another investment company, Affinity Equity Partners, in 2019 in a reputed A$1.3bn deal.

The AFR says Silver Lake’s asking price for TEG was believed to be around 50% higher than the company was valued at by potential bidders.

“The seller was understood to be seeking a circa $3 billion price tag, while the bidders saw TEG being worth more like $2bn”

“The seller was understood to be seeking a circa $3 billion price tag, while the bidders saw TEG being worth more like $2bn,” it notes. “In addition to the dividend recapitalisation, the possibility of a minority sale was thrown around.”

It adds that Silver Lake has now started “meeting with lenders for a dividend recapitalisation”, and is being advised on the process by Goldman Sachs. A dividend recap happens when a firm takes on new debt in order to pay a special dividend to private investors or shareholders.

TEG’s portfolio includes TEG Live, TEG Sport, TEG Experiences, TEG Dainty, SXSW Sydney, TEG MJR, TEG Van Egmond, TEG Rockefeller, Qudos Bank Arena, Ticketek, Softix, TicketCharge, TicketWorld, Ticketek Singapore and Ovation. Last year, it announced the formation of TEG Europe, consolidating the company’s UK-based operations into a single entity.

Silver Lake also owns shares in Oak View Group, City Football Group and Madison Square Garden Sports, along with a 71% stake in WME owner Endeavor. Last week, it revealed it was working towards a proposal to take the business private.

 


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Providence makes strategic investment in Wasserman

Private equity firm Providence has expanded its music portfolio with a strategic investment in agency giant Wasserman.

Providence’s investment will be used to provide capital to pursue growth initiatives and “fully redeem” RedBird and Madrone Capital Partners, who both exit as investors, while Wasserman chairman and CEO Casey Wasserman will retain a controlling ownership stake. Financial terms were not disclosed.

US sports representation firm Wasserman launched booking agency Wasserman Music in 2021 following the completion of the company’s acquisition of Paradigm’s North American live music business and went on to acquire Paradigm UK’s live music business earlier this year.

Providence, meanwhile, already backs UK-based live entertainment group Superstruct Entertainment, Ambassador Theatre Group and Tait (Towers), and also bought into Sweetwater, the leading US retailer of musical instruments and audio equipment, in 2021.

“There is no better partner to help us accelerate and scale this purpose-driven model than Providence”

“I am incredibly proud of the business, and more importantly the team we have built over the past 20 years,” says Casey Wasserman.

“Our prioritisation of client service and values has resulted in tangible business success and cultural rewards, and there is no better partner to help us accelerate and scale this purpose-driven model than Providence. Their long relationship with our executive management group plus their extensive experience and established investment approach across the sports, media and entertainment sectors, and a shared commitment to culture will help accelerate the next phase of Wasserman’s expansion.”

“Casey and his team have built a global leader and influential force in sports and music talent representation and marketing”

Founded in 2002, Wasserman operates across six continents, 23 countries and more than 40 cities worldwide. Its other recent moves include a significant investment in post-career services for clients through the acquisition of The Montag Group; a strategic focus on marketing to Gen Z consumers through the acquisition of Riddle & Bloom; and a continued expansion into global sports with the launch of Wasserman Rugby.

“Casey and his team have built a global leader and influential force in sports and music talent representation and marketing, and they have balanced their rapid expansion with maintaining a client-first approach and culture that cultivates dedicated, motivated and talented executives and agents,” adds Providence MD Scott Marimow. “Wasserman is a natural fit with our firm, and we look forward to partnering with Casey and the entire Wasserman team to help fuel the company’s next phase of growth and success.”

In July, “purpose-driven global investment organisation” EQT became the latest private equity firm to enter the international touring business by becoming a strategic investor in UTA. Other such companies with live music interests include Silverlake, Yucaipa and Waterland.

 


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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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Patron Technology sold to PE firm Vector Capital

San Francisco-based private-equity firm Vector Capital has acquired Patron Technology, the company behind Greencopper, Marcato and several other familiar event technology products.

Vector, which specialises in investing in established technology businesses, says all Patron staff remain in place and will continue to operate the company on a day-to-day basis. Terms of the deal were not disclosed, but Vector manages nearly US$4 billion worth of investments.

“With Patron Technology, we saw an opportunity to back the leading platform and a seasoned management team as they successfully navigate unprecedented, Covid-induced market disruption in the live events industry,” comments Rob Amen, managing director of Vector Capital.

“Vector excels at investing during volatile times, and our thesis is that only the best products and most talented executives will survive this dislocation and emerge as market leaders. We are confident that our growth investment will enable Patron Technology to not only outlast this global pandemic but become stronger on the other side of it.”

Patron Technology, formerly known as PatronManager, has spent the past few years buying up various event technology companies, including app developers, ticket sellers and event management platforms. Its portfolio includes festival app company Greencopper, event management software developer Marcato, RFID provider Token and ticketing software firms ShowClix, Ticketleap, Ticketbooth and GrowTix.

“Vector excels at investing during volatile times”

The company was formerly majority owned by Providence Equity Partners (whose other live industry investments include Superstruct Entertainment, Tait Towers and Ambassador Theatre Group).

Marc Jenkins, CEO of Patron Technology, says: “This is an exciting and important day in our company’s history. It kicks off a fresh, new partnership alongside the thoughtful investment team at Vector. We are eager to work with them to propel the business through the age of social distancing and beyond.

“I’m extremely proud to be part of such an amazing team, past and present, that works tirelessly to serve our world-class clients.”

“With a great set of products, a strong balance sheet and an unparallelled management team, Patron Technology is well positioned to grow over the coming years,” adds Vector Capital vice-president Tom Smith.

“We look forward to partnering with Marc and his team as they continue to grow from this new position of strength and renewed investment.”

 


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