LONDON (CelebrityAccess) — Kohlberg Kravis Roberts (KKR), the global investment firm, announced the acquisition of festival producer Superstruct Entertainment from private equity investor Providence Equity Partners.
While the valuation of the deal was not disclosed, the Financial Times estimated it to be worth approximately $1.3 billion, based on discussions with people familiar with the matter.
With a focus on European festivals, Superstruct 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 the company seeks to grow, while preserving the “creative and cultural DNA” of the company. As part of the deal, Providence will have an option to invest €250 million into Superstruct.
“We are delighted to partner with Roderik Schlösser, James Barton and the team at Superstruct who have established themselves as a leader in delivering unparalleled live music experiences globally. With a robust foundation as a top-tier live entertainment platform, we see significant growth opportunities ahead for Superstruct. Drawing on our strong partnership approach and experience in the digital entertainment and ticketing space, such as BMG, ProSiebenSat1, GetYourGuide, and Trainline, as well as KKR’s global resources and extensive network, we will support the company and its entrepreneurial team to bring their compelling portfolio of live event formats to a wider audience and drive further growth” Philipp Freise, Partner and Co-Head of European Private Equity and Franziska Kayser, Partner at KKR, said in a joint statement.
The founding vision for Superstruct was to create a natural home for successful entrepreneurs, creative visionaries, and business-minded professionals in live entertainment. We wanted to create a network of influence setting the standards for live experiences. Through our development, we are a leader in the professionalization of this industry, enabling our dedicated teams to excel in a collaborative and inspiring environment and create and deliver best-in-class events for millions of fans. We are proud to have secured the backing of KKR, whose expertise and network will strengthen our ability to scale and innovate in the vibrant experiential economy. We would like to thank Andrew Tisdale, Daniel Zwicky and the team at Providence for their outstanding support. Their belief in Superstruct has been fundamental to our success,” added Superstruct’s Roderik Schlösser, CEO and James Barton, Chairman of Superstruct Entertainment.
