Weil and Travers take centre stage in £450m theatre group sale
Weil Gotshal & Manges and Travers Smith have taken the leading roles on US buyout firm Providence Equity Partners' acquisition of Ambassador Theatre Group (ATG). Providence bought the stake in the live-theatre operator, which hosts West End musicals including The Lion King and Wicked, from a group of current investors led by Exponent. The deal is estimated to be worth around £450m.
October 23, 2013 at 04:33 AM
2 minute read
Weil Gotshal & Manges and Travers Smith have taken the leading roles on US buyout firm Providence Equity Partners' acquisition of Ambassador Theatre Group (ATG).
Providence bought the stake in the live theatre operator, which hosts West End musicals including The Lion King and Wicked, from a group of investors led by former majority shareholder Exponent. The deal is estimated to be worth around £450m.
Exponent will retain a minority stake in ATG as part of the transaction, and will continue to work with Providence and ATG's management team. Former BBC director-general Greg Dyke will continue in his role as ATG Chairman.
Weil's City arm acted for Providence, fielding private equity partners Marco Compagnoni (pictured) and Simon Lyell. Their team was supported by real estate counsel Rupert Jones.
Travers head of private equity Phil Sanderson led the team acting for longstanding client Exponent, while fellow private equity partner Edmund Reed advised ATG.
In 2009 Sanderson represented Exponent when it financed ATG's takeover of 16 UK theatres belonging to US entertainment giant Live Nation. The portfolio included the Lyceum and Apollo Victoria in London.
At the time ATG turned to legacy Dentons arm Denton Wilde Sapte for legal advice, while Hammonds advised Live Nation.
Ambassador has 40 venues in London and Broadway. Its productions include musicals Priscilla Queen of the Desert and Monty Python's Spamalot as well as Macbeth starring James McAvoy and The Hothouse starring Simon Russell Beale and John Simm.
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