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Oak View Group/Spectrum

OVG Completes The Acquisition Of Spectra, Announces The Launch Of Oak View Group Facilities

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(CelebrityAccess) — After receiving a nod from the United States Department of Justice, venue management and advisory company Oak View Group announced it has completed the acquisition of venue management and hospitality providers Spectra.

The acquisition, first announced in August, will pave the way for OVG to launch Oak View Group Facilities, a full-service live events company, with a slate of services that includes booking advocacy, venue management, event programming, and food & beverage services geared towards arenas, stadiums, and convention centers.

“Now that OVG’s acquisition of Spectra is complete, we can get down to the business of delivering an expanded highly competitive set of services that anticipate and meet the evolving needs of our global client base,” Tim Leiweke, CEO of OVG, said. “We’ll begin the important process of fully integrating the talented team at Spectra and bringing together our two organizations to create something truly extraordinary in the live events and entertainment industry.”

According to OVG, integration of the two companies is expected to begin immediately, with Chris Granger taking charge of the newly launched OVG Facilities.

“Venues are incredible community assets, the very last town square, perhaps the remaining place where diverse people gather to laugh, to cheer, to sing, to dance, to dine, to conduct business, to protest, or to vote en masse. As the needs and uses of these venues continue to evolve, we will be there, with our clients, leading the way. We will respect the planet; we will mirror the diversity of the many communities in which we do business; and we will provide our fans and our clients with extraordinary service, indelible memories, and easy confidence in knowing that we can again, and forever, gather safely,” Granger said.

Completion of the combination was subject to regulatory approvals and other customary closing conditions. Following the close of the transaction, OVG will remain headquartered in Los Angeles, with the headquarters for Spectra remaining in Philadelphia.

The financial terms of the transaction were not disclosed.

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