(CelebrityAccess) — Billionaire investor Ron Burkle has made a major investment in independent festival producer Danny Wimmer Presents.
According to Forbes, the deal Burkle’s Yucaipa Companies will provide “substantial financial backing” for DWP, supporting their “2020 vision” and future ambitions.
“We had several different options for investors, but ultimately selected Yucaipa because they really understood our growth strategy, and they are uniquely situated to help us execute on it,” Danny Hayes, CEO of Danny Wimmer Presents told Forbes. “Yucaipa already has several successful investments in the music industry, as well as key relationships in cities where we already operate and others we’d like to enter. We believe they will be able to accelerate our plans to expand into new markets.”
Yucaipa, founded in 1986, Yucaipa has primarily focused on traditional brick and mortar retail, with investments in companies in grocery chains such as A&P, Pathmark, and Tesco, as well as Barneys and Barnes & Noble.
The company does not list its current portfolio and it did not offer insight into the scope of its investment into DWP.
As well, Forbes reported that DWP has secured a new banking partnership with First Horizon Bank, who will assist DWP with raising further investment capital.