BARCELONA (CelebrityAccess) — Providence Equity Partners, a private equity investor with stakes in entertainment brands such as the Sziget festival, has acquired a controlling interest in Advanced Music SL, the company behind the Sónar festivals.
According to IQ Mag, the PEP’s entertainment brand Superstruct quietly completed the acquisition in May, a little over a month before Sónar Barcelona marked its most successful event in its 25-year history.
Superstruct is led by CEO James Barton, who founded the Creamfields brand and who formerly served as the president of Live Nation’s electronic music division.
Founded in 1994 by music journalist Ricard Robles and musicians/visual artists Enric Palau and Sergio Caballero, Sónar has grown to become with one of the leading lights of Spain’s festival scene.
Over the past decade, the Sonar brand has expanded internationally as well, with a footprint that extends from Istanbul to Santiago de Chile.
Advanced Music and Providence declined to comment on the investment, IQ said.