Europe’s antitrust regulator has authorised the sale of music competition promoter Superstruct Leisure to US funding big KKR, with the €1.3 billion deal supported by OC&C Technique Consultants.
The world’s second largest music promoter of its type, Superstruct oversees 80-plus festivals throughout the globe, together with Sydney’s New Yr’s bash Area Day together with legendary worldwide occasions equivalent to Mysteryland, Sziget, and Sónar.
But, the authorised €1.3 billion sale comes amidst an area backdrop the place most of the nation’s most cherished music establishments are calling it quits because of skyrocketing prices, together with Splendour within the Grass, Falls, and most just lately Bluesfest.
Superstruct was established in 2017 by Creamfields founder James Barton with the backing of Roderik Schlosserwith and personal fairness agency Windfall, and has since expanded quickly all through Europe and in Australia, the place it additionally hosts the annual touring competition Hear Out and Harbourlife in Sydney. Altogether, Superstruct occasions entice 7 million party-goers per 12 months.
Superstruct nonetheless has even larger ambitions, prompting its sale to KKR to assist the leisure firm’s subsequent section of development to additional compete with international behemoth LiveNation. Barton mentioned: “We’re proud to have secured the backing of KKR, whose experience and community will strengthen our skill to scale and innovate within the vibrant experiential economic system.”
HSBC, LionTree and legislation agency White & Case have been among the many sale-side monetary and authorized advisors on the take care of KKR’s fellow non-public fairness giants Blackstone, CVC, and EQT additionally reportedly within the hunt, whereas OC&C Technique Consultants offered Superstruct with industrial vendor due diligence. The likes of Goldman Sachs and Kirkland & Ellis labored the buy-side.
“We’re thrilled to congratulate Superstruct on its acquisition by KKR, which sees important development alternatives within the stay leisure sector following rising demand over the previous decade. KKR plans to assist Superstruct’s enlargement and professionalisation on this fragmented trade, leveraging their expertise in digital leisure and ticketing,” said OC&C Technique Consultants in an announcement on the deal.
Whereas EU regulators have now waved by means of the deal, the scenario stays fairly messy in native phrases. LiveNation, the proprietor of Splendour and Falls, is at present being scrutinised by lawmakers over market focus, whereas Silver Lake, which has a chunk in each LiveNation and TEG – the native competitors of its Tickmaster line – just lately secured funding for the previous from KKR.
