SOFIA, BULGARIA (CelebrityAccess) – Sofia-based Fest Team is set to expand its reach significantly across Eastern Europe, the Balkans, Turkey, and the Baltic States with the acquisition of Charmenko, a prominent promoter and engagement agency. This strategic move will see Fest Team acquire Charmenko’s divisions, Charm Music and Charmworks, enhancing its footprint in the regional music industry. The final contract is expected to be concluded later this summer.
Bulgaria’s largest music promoter, Fest Team, is known for organizing major events like the Sofia Solid Concert Series, Hills of Rock Festival, and Spice Music Festival. These events have attracted over 200,000 fans annually and featured high-profile acts such as Ed Sheeran, Iron Maiden, and Arctic Monkeys.
The acquisition of Charmenko is seen as a transformative opportunity for Fest Team. Stefan Elenkov, CEO of Fest Team, emphasized the strategic benefits, stating, “The acquisition of Charmenko is a transformative opportunity for Fest Team. It is a privilege for us to team up with a popular and respected company in the music industry like this. I believe that by combining the Fest Team’s expertise and professionalism in organizing major music events with Charmenko’s strong contacts and more than 30 years of experience and industry knowledge, we will be able to create a synergy that will redefine the music landscape of Eastern Europe.”
Charmenko, with a robust presence in all Eastern European markets, will provide Fest Team with greater access to diverse musical talent and markets across the region. Elenkov highlighted that this acquisition would enable Fest Team to offer its audience a more comprehensive array of musical experiences and foster cultural exchange. He noted, “This strategic alliance will help us to connect artists with venues and festivals adequately and offer end-to-end solutions to enhance the experience for both performers and audiences.”
Founded by Nick Hobbs, Charmenko has been a significant player in the music promotion industry, particularly noted for its swift recovery to pre-pandemic business levels and its expansion since 2021. Reflecting on the sale, Hobbs said, “I feel that right now is the time to join a larger Eastern European organization for the promotion, artist engagement, and quality services in the entertainment sector for the whole region, which knows how to integrate creativity, synergies, and professionalism with long-term strategies and which puts artists, audiences, and customers at the core of our mission.”
With Fest Team’s extensive experience in organizing large-scale music events and Charmenko’s deep-rooted industry connections and expertise, this acquisition is poised to impact the Eastern European music scene significantly. The combined strengths of both companies are expected to facilitate better connections between artists and venues, leading to more prosperous and more varied musical experiences for audiences throughout the region.
