Theatres change hands in major private equity deal

AMBASSADOR Theatre Group, which runs some of the biggest theatres in the region, has been acquired by a US private equity house in a deal which values it at around £250m.

ATG owns Manchester’s Opera House and Palace Theatre and operates the Liverpool Empire under licence. It also runs the Southport Theatre along with a string of other regional venues and is the biggest player in London’s West End. It has some 40 sites in total.

US private equity house Providence Equity has taken a majority stake with the previous investor Exponent retaining 18%.

The company’s founders Howard Panter and Rosemary Squire, who are also staying with the business, said: “This new partnership cements the foundations for the company’s planned future growth. 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.

“We’re also pleased to be maintaining our close working relationship with Exponent with whom we’ve enjoyed some real success over the past four years.”

ATG acquired its regional portfolio following a £90m deal with Live Nation four years ago.