The firm which owns Birmingham’s Alexandra Theatre has been purchased by a US private equity group which values the holding company at £250 million.
The Ambassador Theatre Group , which runs some of the UK’s top theatres and is chaired by Football Association and former BBC chief Greg Dyke, has been bought by Providence Equity which has taken a majority stake in the group. Fellow investor Exponent has retained a 18 per cent share of the group.
Ambassador is the biggest theatre operator in London’s West End and owns 40 sites nationally, including Manchester Opera House and it also operates Liverpool’s Empire theatre under licence.
Founding impressarios Howard Panter and Rosemary Squire are staying with thr group. In a statement they said: “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.
“This new partnership cements the foundations for the company’s planned future growth.
“We’re also pleased to be maintaining our close working relationship with Exponent with whom we’ve enjoyed some real success over the past four years.”
ATG was founded by husband and wife team Panter and Squire in 1992.
In its latest accounts Ambassador reported a £15 million operating profit on sales which topped £111 million in the last financial last year.
The group acquired its regional venues from Live Nation in a £90 million deal four years ago.