American media tycoon Ari Emanuel's events firm Mari has struck a deal to buy West End theatre owner ATG.
Mari, which runs Hyde Park Winter Wonderland, said it has entered into a “definitive agreement” to buy ATG Entertainment from private equity firm Providence.
The companies did not disclose the value of the deal, but the Financial Times previously reported that the move could value ATG at about £4.5 billion.
ATG's portfolio
ATG runs about 70 theatres globally, predominantly in the UK and US. The company, which has been owned by Providence since 2013, runs 10 venues in London’s West End, including the Lyceum, home to The Lion King, and the Savoy Theatre, which is staging Paddington The Musical.
It also runs a raft of regional theatres, such as Liverpool Empire, Edinburgh Playhouse and Manchester Opera House.
Mari's expansion
Mari, which is backed by Apollo Global Management and RedBird Capital Partners, snapped up Secret Cinema’s parent company TodayTix last year. Mari also runs a raft of UK events including Winter Wonderland, Big Feastival and Hampton Court Palace Festival.
Bosses said that ATG will continue to operate under its existing brand and leadership.
Mr Emanuel, founder and principal investor of Mari, said: “I’ve spent my whole career in entertainment, and I started out in theatre.
“I’ve seen the industry reinvent itself many times, but live has only grown more powerful. Nothing connects great talent with audiences more directly.
“ATG has built one of the world’s great theatre businesses around that experience. This is a long-term bet on where live goes next.”
Melanie Smith, global chief executive of ATG Entertainment, said: “Mari understands live entertainment and what matters most to ATG: our theatres, the people behind them and the relationships we have built with producers, artists and audiences.
“That makes Mari the right home for our next chapter. We look forward to this new era and thank Providence for their unwavering support over the past thirteen years.”
