LONDON (CelebrityAccess) – Global investment firm Kohlberg Kravis Roberts (KKR) has announced the acquisition of music festival producer Superstruct Entertainment from private equity investor Providence Equity Partners.
While the valuation of the deal was not disclosed, the Financial Times estimated the deal to be worth about $1.3 billion, based on discussions with people familiar with the matter.
Superstruct specializes in European music festivals and oversees festival brands such as Wacken Open Air, Defqon.1, Parookaville, Sziget, Tinderbox, Boardmasters and Sónar.
According to KKR, the company will support Superstruct as it seeks to grow while retaining the company’s “creative and cultural DNA.” As part of the deal, Providence will have the option to invest €250 million in Superstruct.
“We are delighted to partner with Roderik Schlösser, James Barton and the Superstruct team, who have become a global leader in delivering unparalleled live music experiences. With a solid foundation as a premier live entertainment platform, we see tremendous growth opportunities for Superstruct in the future.” Leveraging our strong collaborative approach and experience in digital entertainment and ticketing (such as BMG, ProSiebenSat1, GetYourGuide and Trainline) and KKR’s global resources and extensive network, we will support the company and its entrepreneurial team to bring their compelling results to Europe Philipp Freise, partner and co-head of private equity, and Franziska Kayser, partner at KKR, said in a joint statement:
Superstruct was founded with the vision to create a natural home for successful entrepreneurs, creative visionaries and business-minded professionals in the live entertainment space. We hope to create a network of influencers that sets the standard for live experiences. Through our growth, we have become the industry leader in specialization, enabling our team of professionals to excel in a collaborative and inspiring environment and create and deliver best-in-class events to millions of fans. We are proud to have the support of KKR, whose expertise and network will enhance our ability to scale and innovate in the dynamic experience economy. We would like to thank Andrew Tisdale, Daniel Zwicky and the Providence team for their outstanding support. Their belief in Superstruct is the foundation of our success.
