Goldman Sachs to acquire majority stake from
Providence Equity Partners and other existing investors
TAIT management team to continue leading company
and remain significant shareholders
LITITZ, Pa., July 9, 2024 /PRNewswire/ -- TAIT, a global
leader in live experiences, today announced that the Private Equity
business at Goldman Sachs Alternatives ("Goldman Sachs") will
acquire a majority stake in the company from affiliates of
Providence Equity Partners ("Providence"), subject to obtaining customary
regulatory approvals. Financial details of the transaction were not
disclosed.
Adam Davis, Chief Executive
Officer of TAIT, said, "Since its inception, TAIT has partnered
with clients across the globe to bring visionary concepts to
reality and create extraordinary live experiences. As we look to
our future – where the digital and physical worlds seamlessly merge
into bespoke, individually tailored events, we are thrilled to
partner with Goldman Sachs. This collaboration will unlock new
opportunities and reinforce TAIT's position as an industry leader
in delivering culture-defining experiences. Goldman Sachs' network
and expertise will enable us to grow our global footprint and
offerings, empowering the company to better serve clients, drive
innovation, and pioneer new technology."
For over 45 years, TAIT has been a trusted partner to some of
the world's most influential artists, brands, and institutions.
Working across live experience, brand experience, placemaking, and
location-based experience markets, TAIT has created iconic
productions and experiences in over 30 countries, all seven
continents, and even outer space. Superbowl half-time
extravaganzas, award winning theme parks, World Expo pavilions,
Olympic Opening ceremonies and much more have been brought to life
through their global multi-disciplinary team. Goldman Sachs brings
a global platform, deep experience in the media, entertainment, and
technology sectors and other value creation resources to support
TAIT in its next chapter of growth.
Leonard Seevers, Partner in
Private Equity at Goldman Sachs Alternatives, commented, "We have
been incredibly impressed with TAIT's differentiated solutions,
passionate employees and long track record as a leading player in
enabling live entertainment and experiences across the world. We
are excited to partner with Adam and his team on their next phase
of growth."
Simon Kubbies, Managing Director at Goldman Sachs Alternatives,
added, "We believe that TAIT is exceptionally well-positioned to
benefit from secular tailwinds as the entertainment space continues
to grow in scale and complexity, and see tremendous value creation
opportunities for TAIT as the company continues to broaden its
technology offering and market coverage."
Scott Marimow, Managing Director
at Providence, said, "We've
appreciated our tremendous partnership with the TAIT team over the
past five years. We believe that TAIT is an exceptional company
that is essential to the live events sector. We're proud to have
helped TAIT continue to grow through new services, geographies and
end markets, successfully navigate the pandemic, and create lasting
value for all stakeholders. We wish the company and their new
partners well."
Adam Davis, Chief Executive
Officer of TAIT said, "I believe Providence has been integral to TAIT's
success. We thank them for their partnership and support in helping
the company achieve incredible work."
Evercore and Jefferies LLC served as financial advisors and
Weil, Gotshal & Manges LLP served as legal counsel to TAIT
in connection with this transaction. Goldman, Sachs & Co. LLC
and PJT Partners served as financial advisors and Simpson Thacher
& Bartlett LLP served as legal counsel to Goldman Sachs.
About TAIT
TAIT partners with artists, brands, IP
holders and place makers to bring culture-defining,
never-before-seen experiences to life. With a legacy of innovation
spanning over 45 years, TAIT has grown from pioneering in rock 'n'
roll concert staging to setting the global standard for
extraordinary live events and experiences through cutting-edge
technology, precision engineering, and creative design. TAIT's 20
global offices have developed iconic productions and experiences in
over 30 countries, all seven continents, and even outer space for
renowned performers, theme parks, exhibits, and venues across the
globe, including partnerships with Taylor
Swift, Cirque Du Soleil, Royal Opera House, Nike, NASA,
Bloomberg, Google, Beyoncé, and The Olympics.
TAIT Media Contact:
Alice
Murphy
AMurphy@kwtglobal.com
917.213.8402
About Private Equity at Goldman Sachs Alternatives
Goldman Sachs (NYSE: GS) is one of the leading investors in
alternatives globally, with over $450
billion in assets and more than 30 years of experience. The
business invests in the full spectrum of alternatives including
private equity, growth equity, private credit, real estate,
infrastructure, hedge funds and sustainability. Clients access
these solutions through direct strategies, customized partnerships,
and open-architecture programs. The business is driven by a focus
on partnership and shared success with its clients, seeking to
deliver long-term investment performance drawing on its global
network and deep expertise across industries and markets. The
alternative investments platform is part of Goldman Sachs Asset
Management, which delivers investment and advisory services across
public and private markets for the world's leading institutions,
financial advisors and individuals. Goldman Sachs has over
$2.8 trillion in assets under
supervision globally as of December 31,
2023. Established in 1986, Private Equity at Goldman Sachs
Alternatives has invested over $75
billion since inception. The business combines a global
network of relationships, unique insight across markets, industries
and regions, and the worldwide resources of Goldman Sachs to build
businesses and accelerate value creation across its portfolios.
Goldman Sachs Alternatives Media Contact:
Victoria Zarella
victoria.zarella@gs.com
212.902.5400
About Providence Equity Partners
Providence Equity Partners is a specialist private equity
investment firm focused on growth-oriented media, communications,
education and technology companies across North America and Europe. Providence combines its partnership approach
to investing with deep industry expertise to help management teams
build exceptional businesses and generate attractive returns. Since
its founding in 1989, Providence
has invested over $36 billion across
more than 175 private equity portfolio companies. With its
headquarters in Providence, RI,
the firm also has offices in New
York, London, Boston and Atlanta. For more information, please
visit www.provequity.com
Providence Equity Partners Media Contact:
FGS Global
providenceequity@fgsglobal.com
212.687.8080
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