Wed, 12 Jun 2013 | BUSINESS SALE
The private equity backer of Ambassador Theatre Group is taking steps to sell off its controlling stake in the UK business for £250 million.
Exponent Private Equity is currently in discussions with investment bankers about a potential sale of its stake. It made its purchase in November 2009, putting down £150 million to take on the stake.
It has been said that Exponent may bring in advisers to work on the sale in September with a sale possibly taking place in early 2014.
Ambassador has set the stage for several highly popular productions including Wicked, The Lion King, and Madame Butterfly. Its 39 venues include the Lyceum, Harold Pinter, Phoenix, Duke of York and Apollo Victoria. The business was co-founded by Howard Panter and his wife Rosemary Squire in 1992.
Exponent has also made an investment in PR planning business Gorkana and the website dedicated to selling train tickets, thetrainline.com.
The theatre business has an established international presence, running productions in other countries. It has run Legally Blond the Musical and The Rocky Horror Show in Australia, and has also run recent productions on Broadway, New York, include The Mountaintop and Exit the King.
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