Media group buys into festivals organiser
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A MANCHESTER entertainments entrepreneur has sold a stake in his business to the owner of radio stations Capital, Heart and Classic FM.
Gareth Cooper from Didsbury founded Broadwick Live, which has its registed office in London, three years ago.
Broadwick Live stages music festivals around the world and has created internationally renowned events including Snowbombing in Austria and Festival No. 6, as well as branded music events such as Bacardi Triangle.
It has sold a significant stake to Global Entertainment, signalling a “changing directio” for the sector as the radio giant moves into the festival space.
Broadwick Live will operate independently but work closely with Global Live, the live touring and festival promotion arm of Global Entertainment launched earlier this year.
Gareth Cooper, said: “The opportunity to partner with Global Live is huge. With their vision, expertise and investment, we will be able to co-create incredible new events and experiences, and extend our existing portfolio at home in the UK and internationally.”
Sam Bush, director of Global Live, said: “Broadwick Live is an impressive company with a management team who share our ambitions. Gareth and the team at Broadwick Live have created a collection of festivals and branded events that have won all the major awards and are unlike anything else in the festival space.
“We will continue to support these events as well as developing new events in the UK and around the world.”
The M&A team at accountants BDO in Manchester, led by partner Ruth Percival and James Fieldhouse, advised the shareholders of Broadwick Live. BDO also provided tax advice.
Ruth Percival said: “The deal demonstrates how the global sector is changing direction, with management teams increasingly looking beyond the typical ‘competition acquisition’.
“The management team at Broadwick has found the perfect partner in Global to support the delivery of its aspirational plan.”