fbpx

UK-based live events firm Superstruct Entertainment buys electronic music giant ID&T

The past few days have seen a fair bit of consolidation in the global live entertainment business.

On Monday (September 13), we learned that live events giant Live Nation Entertainment has struck a deal to buy a majority (51%) stake in Mexico-based concert promoter OCESA Entretenimiento for nearly $450 million.

Now, UK-based concert promoter Superstruct, whose brands include the likes of Sziget, Elrow, Parookaville, Wacken Open Air and Boardmasters, has reportedly acquired Netherlands-based live electronic music giant ID&T.

According to Netherlands-based financial publication Het Financieele Dagblad, which cites “insiders”, Superstruct is buying ID&T from Axar Capital for ‘between $150 million and $200 million’.

Founded in 1992, ID&T Group attracts more than one million visitors a year to events such as Mysteryland, Thunderdome, Defqon.1, Awakenings, and Milkshake.

The company’s subsidiaries include the likes of Q-dance, ID&T Events, B2S, Monumental (Awakenings), Art of Dance, Platinum Agency, and Headliner Entertainment.

Superstruct Entertainment is backed by private equity firm Providence Equity Partners, which specializes in the media, communications, entertainment, software, and services industries.

According to a press release announcing a partnership between the two companies yesterday (September 16), which didn’t disclose financial details, the deal “provides both parties with the opportunity to tap into an extensive global network of leading festival brands and to strengthen their market position”.

It adds: “Both ID&T and Superstruct see great opportunities in sharing knowledge and creating synergies between the companies to further improve the fan experience at their festivals”.

The founders and senior management of the ID&T Group will become shareholders in Superstruct Entertainment and will continue to be involved.

“This partnership is an important strategic step in the development of our company.”

Ritty van Straalen, ID&T Group

Ritty van Straalen, CEO of the ID&T Group, said: “ID&T will celebrate its 30th anniversary in 2022.

This partnership is an important strategic step in the development of our company, which we already embarked upon in 2019, pre-covid, and was ultimately delayed by 1.5 years.

“The past 19 months have been very tough for us and the entire event industry, but we are excited to see that Superstruct has been able to look through the current environment, recognizing the combined potential of these two world-class companies.

“The international live events industry is increasingly consolidating and Superstruct has developed itself into a high quality, market leading powerhouse in our industry.

“We are happy to be part of such an experienced group and strongly believe we can reinforce each other in many ways.”

“[iD&T] is an absolute pioneer and leader in the live entertainment industry.”

Roderik Schlösser, Superstruct Entertainment

Roderik Schlösser, CEO of Superstruct Entertainment, said: “We are proud to welcome ID&T to the Superstruct family. The company is an absolute pioneer and leader in the live entertainment industry and is globally renowned for its high-quality productions, creativity, and differentiated capabilities to engage with its fans. We are excited to work alongside their talented team.”

“Our partnership with ID&T is a very significant milestone for Superstruct .”

James Barton, Superstruct Entertainment

James Barton, Chairman of Superstruct Entertainment, added: “We are very excited to join forces with ID&T, a business that I have long admired.

“Our partnership with ID&T is a very significant milestone for Superstruct and reflects our deep conviction in the value of experience focused live music festivals and our excitement about the significant joint growth opportunities that lie ahead as live events return.”Music Business Worldwide

Source link

Original source:
http://cosmopolitanhrconsulting.com/uk-based-live-events-firm-superstruct-entertainment-buys-electronic-music-giant-idt/?utm_source=rss&utm_medium=rss&utm_campaign=uk-based-live-events-firm-superstruct-entertainment-buys-electronic-music-giant-idt

About Author

Related post