LITITZ, Pa. (CelebrityAccess) TAIT, formerly known as TAIT Towers, has announced an investment from funds advised by Providence Equity Partners, an equity firm that specializes in the media, communications, education and information industries.
TAIT CEO and president James “Winky” Fairorth and Chief Creative Officer Adam DAvis will remain significant shareholders; financial terms of the transaction were not disclosed.
TAIT is known for creating some of the biggest stages to ever host concerts and is associated with tours for the Rolling Stones, U2, Taylor Swift, Justin Timberlake, Disney, Cirque du Soleil and Lady Gaga (pictured). It also boasts 80 patents in technology and design.
“We are thrilled to partner with Providence to help take us through our next phase of growth,” Fairorth said. “The firm has an impressive track record of investing in businesses that deliver world-class events and experiences. This growth equity investment is a testament to the breadth and depth of TAIT’s talented team and unique culture of excellence, which have advanced industry standards and exceeded client expectations for over 40 years.”
Davis added, “Providence is the ideal partner to help us accelerate our growth initiatives and strengthen our market position. We are proud to be a part of the Providence family and look forward to working with them to expand our offering for artists, entertainment companies and corporate brands that consistently turn to TAIT for spectacular live experiences.”
Scott Marimow, Managing Director at Providence, said: “TAIT is regarded as the gold standard in the industry for its differentiated capabilities, global presence, client relationships and track record of delivering the finest live event solutions in the world. The company is also well positioned for sustainable growth from strong, secular trends, as artists, entertainment concepts and brands are spending more on live events and production quality to create memorable experiences that drive heightened consumer engagement and sharing across social media. We are excited to partner with such a passionate management team and look forward to working together.”
Providence has more than two decades of experience investing in and creating lasting value at a wide range of live event-based companies.