Tue, 22 Oct 2013 | BUSINESS SALE
The Ambassador Theatre Group (ATG) has been bought by Providence Equity, a private equity business.
ATG, founded in 1992, operates a number of theatres around the UK, including the Manchester Opera House and the Edinburgh Playhouse. It also owns the Lyceum and the Apollo Victoria in London.
The business has recently been expanding into overseas markets - it bought the Foxwoods Theatres on Broadway in the US and is hoping to push further into the North America market, along with an exploration of entering Australia.
Howard Panter and Rosemary Squire, ATG's joint chief executives, will continue to work with Providence, along with Greg Dyke, who will continue in his role as chairman.
The chief executives issued a statement on the sale: “This new partnership cements the foundations for the company has planned future growth. Providence’s extensive global reach and its existing investments in media, digital and live entertainment companies around the world offer an unparalleled opportunity for ATG to realise its international ambitions.”
It is not known how much the business was sold for, but recent valuations of ATG are estimated to be between £250 million and £350 million, which, if accurate, would make this the largest deal every brokered for a UK theatre business.
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