CALIFORNIA (CelebrityAccess) – KAABOO festival has been acquired by Virgin Fest, the music festival arm of Richard Branson’s multinational venture capital conglomerate Virgin Group Ltd.
The upscale Del Mar, California music, comedy, art and culinary festival was launched by Bryan Gordon and Seth Wolkov of investment firm Madison Companies in 2015. Since then, KAABOO has expanded to the Cayman Islands and to Texas under a partnership with the Dallas Cowboys.
Under the terms of the deal with Virgin, which is a 100% asset sale, KAABOO’s flagship event will relocate to San Diego’s Petco Park in 2020 after five years at the Del Mar Racetrack and adjacent fairgrounds. The move follows the signing of a multi-year agreement between the producers of KAABOO festival and the San Diego Padres.
KAABOO Del Mar festival partner and chief brand officer Jason Felts will continue to oversee KAABOO going forward, while also leading the newly announced Virgin Fest as its chief executive and overseeing that festival’s launch next year.