Investment giant CVC has invested in Superstruct Entertainment, joining KKR’s ownership of the European music festival organizer.
The investments announced on Monday (October 28) are as follows: KKRacquisition superstructure entertainment One deal in June was reportedly worth 1.3 billion euros ($1.41 billion). Deal between KKR and Superstruct now complete, says Central VC.
Superstruct Entertainment, founded in 2017 with initial funding from providence fair Partnersrun 80 music festivals and 200 Smaller events around the world 10 Countries such as Europe and Australia. Corporate events attract 7 million Participants every year, financial times reported earlier.
James Buttonpredecessor live country President, leads the superstructure. The company’s holiday product portfolio includes Wacken Open Air, Defqon.1, Parookaville, Tinderbox, Zwarte Cross, and Sonar. In 2021, Superstruct acquired electronic music company ID&T from Axar Capital in a deal reportedly worth US$150 million and US$200 million.
KKR’s investment in Superstruct comes from European Sixth Fundincluding US$8 billion in the capital. Superstruct’s former owner Providence Equity Partners retains reinvestment option 250 million euros MBW reported in June that $270 million had been invested in the business.
The announcement did not disclose the specific terms of CVC’s investment, including the size of its shareholding.
“With the addition of CVC, Superstruct gains another strong strategic partner to support the talented team leading the company’s growth and success.”
CVC and KKR
“With the addition of CVC, Superstruct gains another strong strategic partner to support the talented team leading the company’s growth and success. The business will benefit from the global reach of two leading investors with deep experience in the media and entertainment sectors. A combination of expertise, resources and capital,” CVC and KKR said in a statement released on Monday (October 28).
The addition of CVC as a strategic investor brings another heavyweight partner to Superstruct. Both KKR and CVC have investments in media and entertainment. KKR’s portfolio includes investments in the following areas BMG, ProSiebenSat1, GetYourGuide, Mediawan and train lineand CVC’s investments in the entertainment sector include Stage Entertainment, Formula 1, Women’s Tennis and La Ligawait.
CVC and KKR said Superstruct is now ready to “accelerate its mission of creating best-in-class live experiences, working closely with entrepreneurs, creative visionaries and business-minded professionals.”
“KKR and CVC will ensure Superstruct remains at the forefront of the industry, driving innovation and setting the standard for live entertainment.”
The investment from KKR and CVC follows reports in early 2024 that Superstruct had attracted major private equity firms including black stoneCVC, KKR and EQT, and Condé Nast owner advance publicationknown for publications such as Fashion and new yorker.
A rebound in live music festivals, driven by the easing of COVID-19 restrictions, may be a factor driving an influx of investment in the live music industry. In April, it was reported that Superstruct’s former backer Providence Equity Partners was considering selling a minority stake in the company again. ATG Entertainment company that operates stage venues in the West End and Broadway.
global music business
