Providence equity fund to buy majority stake in Sziget Festival
Providence Equity Partners, a global fund, will be purchasing a majority stake in internationally-known Hungarian Sziget Festival, although the current owners will be able to keep management rights, according to Hungarian online news portal index.hu.
The current team is seen as continuing to be responsible for leading the operation of festivals in the porfolio, including Sziget Festival, Balaton Sound, Telekom VOLT Festival, Gourmet Festival and Gyerek Sziget
“With the financial resources and international background of Providence as an addition to our professional team, our position can be further strengthened,” founder Károly Gerendai (pictured) said of the sale.
His team’s work will be supported by James Barton, the founder of Creamfields festival and former music director of LiveNation, as well as Paul Bedford, former financial director of Cream Group.
Michel Dyens & Co. has advised on the transaction.
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