Tue, 15 Jun 2021 | BUSINESS SALE
German firm DEAG has purchased a 90 per cent majority stake in event organiser and promoter UK Live Ltd via its UK-based subsidiary Kilimanjaro. The acquisition adds one of the UK’s biggest independent promoters to DEAG’s UK portfolio, which also includes other promoters, a ticketing firm and a festival.
Established over ten years ago, UK Live has grown to organise concerts for numerous high-profile music artists. The company also owns the Let’s Rock music festivals, which take place in 14 cities throughout the UK.
The acquisition comes shortly after Prime Minister Boris Johnson’s announcement that the final stage of COVID-19 lockdown easing would be delayed by four weeks, from the initially planned 21 June date to 19 July, due to rising infections. This decision has been labelled “devastating” for the UK’s live music and events industry, which is one of the sectors most impacted by the remaining restrictions.
Discussing the acquisition of UK Live, however, DEAG Executive Board member Detlef Kornett struck an optimistic tone for the industry’s prospects in light of the continuing success of the vaccine rollout.
Kornett said: “In view of the positive development with regard to the vaccination situation in our core markets, we expect to see our business activities increasingly return to normal in the coming months. We are already setting the course for a continuation of our successful business development and can further expand our strong market position in the UK with the acquisition of UK Live.
“UK Live has its own productions and independently covers the complete infrastructure from stage set-up to technology. By focusing on the domestic market, UK Live’s business activities are hardly affected by the Brexit. The partnership with UK Live offers us potential, especially for our ticketing and live entertainment business. For example, we will offer tickets for UK Live events for sale exclusively through Gigantic.com.”
Kilimanjaro CEO Stuart Galbraith added: “The acquisition of UK Live adds attractive events and concerts to our events portfolio. Nick Billinghurst and Matt Smith have many years of experience in the live entertainment industry and have shaped UK Live from its early days with Let’s Rock The Moor with 1,000 visitors to a successful company with over a dozen festivals and countless concerts within only a few years.”
Following the acquisition, UK Live co-founder and Managing Directors Nick Billinghurst and Matt Smith will continue to manage the business in the long-term and remain as shareholders.
Billinghurst commented: “We are very excited about our future collaboration with DEAG and look forward to driving our growth journey together. With DEAG, we have a strong partner on our side, with whom we are ideally positioned for the post-corona era.
“Together we will soon be presenting our audience with top-class concerts and events again. I am sure that both sides will benefit from our merger in the long term.”
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