Providence Equity buys majority stake in UK’s Ambassador Theatre Group
22 Oct 2013
US private equity firm Providence Equity Partners yesterday struck a deal to buy Ambassador Theatre Group (ATG) from Exponent Private Equity, valuing the London-based theatre group behind a string of West End hits, at around £350 million ($565 million) including debt.
ATG is widely regarded as British theatre's great commercial success story. The company has grown to be the world's number one live-theatre group with a total of 40 venues in Britain and on Broadway and an internationally recognised theatre producer with co-productions in New York, across North America, Europe, Asia and Australia.
Rhode Island-based Providence will acquire a majority share in ATG, while Exponent will retain an 18-per cent stake while the top management of ATG will retain its minority interest.
Exponent had acquired a majority stake in ATG in 2009 in a deal that valued the theatre group at around £130 million including debt.
Providence beat rivals including Blackstone Group, Charterhouse and Permira, according to a Financial Times report.
Co-founded by husband and wife team of Sir Howard Panter and Rosemary Squire in 1992, ATG has grown to be the UK's largest theatre group with a total of 40 venues in Britain and on Broadway.
It is one of the leading UK ticket retailers, and claims to be the largest in theatre ticketing services issuing more than 10 million tickets annually.
ATG Tickets manages ticketing, revenue management, customer service, group sales and ecommerce needs for producers, venues, artists and events across the UK.
ATG has been behind some of the most successful productions, including the Lion King, Wicked, The Rocky Horror Show, West Side Story, Ghost the Musical, The Pride, Mystery of Charles Dickens and many others.
The group owns London theatres including the Lyceum and the Apollo Victoria, and venues outside London including the Manchester Opera House and the Edinburgh Playhouse.
''Providence's extensive global reach and its existing investments in media, digital and live entertainment companies around the world offer an unparalleled opportunity for ATG to realise its international ambitions,'' ATG's joint chief executives, Sir Howard Panter and Rosemary Squire, said in a statement.
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