UK-based private equity firm Exponent Private Equity has acquired Ambassador Theatre Group, one of the leading theatre operators in London’s West End, by financing its £90m (€100.7m) takeover of Live Nation’s UK venues.
The combination of the businesses values the new entity at £150m (€167.8m), with Exponent taking a majority stake. With a total of 39 venues, the new expanded theatre business is one of the biggest in the country and is set to lead London’s so-called Theatre Land.
Former BBC director general Greg Dyke will be joining the company in the new role of executive chairman.
Howard Panter, ATG’s joint CEO and creative director, said, “Live Nation Theatres is a very successful company, with first class staff and significant customer loyalty. It is also blessed with some of the world’s best producers and productions. Our aim is to help maintain the shows and theatres as vibrant successes. It will be a privilege to operate this additional group of historic venues.”
Co-founded by Panter and Rosemary Squire in 1992, ATG’s humble beginnings started in the town of Woking with The Ambassadors venue.
The Live Nation theatres being acquired include the Edinburgh Playhouse and The Lyceum and Apollo Victoria Theatre in London. The company will continue to operate its concert business in the UK through its Wembley Arena and Manchester Apollo venues.
Exponent has funds of £1.2bn (€1.34bn) under management and previously invested in UK bed retailer Dreams and ticket sales company Trainline.
Copyright © 2009 AltAssets