Oak View Group completes Spectra acquisition
Oak View Group (OVG) has completed its acquisition of Philadelphia-based venue management firm Spectra.
The companies say the move, which was first announced in August and has now been given regulatory approval, creates “one world-class, full-service live events” organisation. Financial terms were not disclosed.
“Now that OVG’s acquisition of Spectra is complete, we can get down to the business of delivering an expanded highly competitive set of services that anticipate and meet the evolving needs of our global client base,” says Tim Leiweke, CEO of OVG. “We’ll begin the important process of fully integrating the talented team at Spectra and bringing together our two organisations to create something truly extraordinary in the live events and entertainment industry.”
OVG recently opened the Climate Pledge Arena at Seattle Center, and is also developing projects including UBS Arena in Belmont Park, NY; Moody Center in Austin, TX; New Arena in Coachella Valley, CA; Co-op Live in Manchester, UK; as well as arena projects in São Paulo, Brazil, and Hamilton, Ontario
The combined organisation will serve current and future clients with a “complete array of venue and hospitality services”.
Integration of the two companies is expected to begin immediately with Chris Granger at the helm beginning 1 December as the new CEO of OVG Facilities, a division of the Oak View Group focused on providing full-service venue management expertise, event programming, and now food & beverage solutions to arenas, stadiums and convention centres globally.
As the needs and uses of these venues continue to evolve, we will be there, with our clients, leading the way
“Venues are incredible community assets, the very last town square, perhaps the remaining place where diverse people gather to laugh, to cheer, to sing, to dance, to dine, to conduct business, to protest, or to vote en masse,” says Granger.
“As the needs and uses of these venues continue to evolve, we will be there, with our clients, leading the way. We will respect the planet; we will mirror the diversity of the many communities in which we do business; and we will provide our fans and our clients with extraordinary service, indelible memories, and easy confidence in knowing that we can again, and forever, gather safely.”
Spectra will fold its 330 top-tier clients across North America and the globe – including stadiums, arenas, convention centres, performing arts centres, fairgrounds, and casinos – into the newly merged company.
Dave Scott, chairman and CEO of Comcast Spectacor, adds: “The combined strength, energy, and expertise of OVG and Spectra has created a dynamic company, the likes of which the industry has not yet experienced. The leadership team has a powerful vision for growth, which will bode well for their collective clients, employees, and partners. As Spectacor Events & Entertainment continues to partner on content development, I look forward to watching the company grow and prosper.”
OVG will remain headquartered in Los Angeles, with Spectra’s HQ remaining in Philadelphia.
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