Private equity house completes HMV acquisition
HMV's live music division has been sold to a private equity house.
MAMA Group, the live music division of HMV, has been acquired by private equity house LDC.
Sales negotiations between the two led to a price of £7.3 million being agreed for the sale, which will be followed by a rebuilding of MAMA's artist sales business, its chief executive Dean James said.
Managing director of LDC Alistair Pendleton commented: "MAMA Group is renowned for its iconic venues, where some of the world’s most successful music artists have performed and hugely popular music festivals."
At present, MAMA holds more than 2,700 events across the UK, with its festivals attended by more than 150,000 people.
MAMA's venues in London include the Forum, the Garage, Camden Barfly, Jazz Cafe and The Borderline, while around the rest of the country it runs the Edinburgh Picture House, the Manchester Ritz and the Birmingham Institute.
Last month, WRG Creative Communication, in which LDC has a major stake, acquired Hong Kong-based events management firm Serious Events as a means of penetrating the Chinese market.