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LDC seals £7.3m buyout of HMV Live Music division

3 Dec 2012

LDC, the captive private equity arm of state-backed lender Lloyds Banking Group, has completed the £7.3m buyout of HMV’s Live Music division MAMA Group, the live music business behind iconic London music venues including The Forum and Jazz Café.

MAMA is the UK’s second-largest live music business after Academy Music Group, with over 2,700 events annually.

The company runs a network of live music venues that also include The Garage, Camden Barfly and The Borderline in London, as well as the Edinburgh Picture House, the Manchester Ritz and the Birmingham Institute.

MAMA’s venues have featured legendary live performances from artists including Amy Winehouse, Arctic Monkeys, The Killers, Jack White, Joni Mitchell, The Cure, Kasabian and Rhianna.

The company also offers a stable of festivals such as Global Gathering, Godskitchen and UK based events Lovebox, The Great Escape and Wilderness, curated in association with Secret Garden Party.

The business, which also owns music magazine The Fly, also recently announced a new partnership with global festival and concert promoter All Tomorrow’s Parties.

The deal provides a platform for CEO Dean James and the management team to pursue a buy-and-build strategy targeting UK and overseas opportunities.

“MAMA Group is renowned for its iconic venues, where some of the world’s most successful music artists have performed and hugely popular music festivals, both in the UK and overseas, which have attracted strong followings and showcased some excellent new artists,” said LDC investment director Alistair Pendleton.

“Management have an exciting buy-and-build strategy and LDC has the resources, skills and track record to help them accelerate their plans and develop the group into a globally-recognised business and brand.”

LDC’s previous investments in the leisure sector include Boom Pictures, Ocean Outdoors, WRG Creative, and Orion Media.

HMV put MAMA on the market a year ago in a bid to strengthen its balance sheet.

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