The deal, via the firm’s seventh fund, will see Exponent retain a minority stake in ATG.
Prior to the sale, Exponent had been ATG’s majority shareholder since 2009 when the firm acquired Live Nation’s UK theatres. ATG’s joint CEOs and co-counders Sir Howard Panter and Rosemary Squire will remain in the role, alongside chairman Greg Dyke.
Andrew Tisdale, managing director of Providence, said, “We believe strongly in the long term value of live entertainment. ATG is well-known for the high quality of its theatrical and musical content and venues and we look forward to working closely with Howard, Rosemary, their senior management team and Exponent in continuing to grow ATG.”
ATG has grown to be the world’s largest live-theatre group with a total of 40 venues in Britain and on Broadway, alongside co-productions in New York, across North America, Europe, Asia and Australia. The company’s theatre ticketing service ATG Tickets issues more than 10m tickets annually.
ATG’s recent purchase of Foxwoods Theatre – the largest theatre on Broadway – signifies the Group’s intention to expand internationally, focussing on new markets in North America, Asia and Australia.
UBS Investment Bank acted as sole financial advisor to ATG and Exponent on the sale. Providence was assisted on the transaction by Ingenious Corporate Finance.
Providence is the world’s largest private equity firm focused on media, communications, education and information investments. The firm manages funds with $37bn in commitments, closing its most recent fund on $12bn back in 2007.
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