Global investment firm KKR has agreed to acquire the European festivals organizer Superstruct Entertainment from Providence Equity Partners, it was announced on Friday .
Superstruct — which organizes Sziget, the Budapest music festival that’s one of Europe’s largest, and Wacken Open Air, the world’s largest heavy metal festival held in Germany — was founded in 2017 by Providence andRelatedProvidence grew Superstruct rapidly through acquisitions — it now operates 80 festivals in Europe and Australia — and carried it through the downturn in the live events industry caused by the COVID-19 pandemic.
KKR, which has partnered with BMG on investments in the past, will tap into its network of music and media companies to expand Superstruct’s dominance as a European festival promoter, according to a statement by partner/co-head of European private equityKKR made the investment through its $8 billion European Fund VI. Through that fund, KKR has also invested in communications company FGS Global and German SpaceX customer OHB.
Goldman Sachs acted as financial adviser and Kirkland & Ellis provided legal advice to KKR. HSBC and LionTree provided Providence financial advice, while White & Case served as the firm’s legal adviser.
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