BUDAPEST, Hungary (CelebrityAccess) — UK-based investment group Edition Capital has partnered with U.S.-based private equity firm Providence Equity Partners to take a controlling stake in Sziget Cultural Management, producers of the Sziget, Balaton Sound & Volt festivals in Hungary.
According to Hungarian news outlet Heti Világgazdaság, the deal will see the two investment firms take a 70% stake in Sziget, with an eye towards to develop a global festival portfolio. The remaining shares of the festival company, as well as the management rights and the operational control remain in the hands of four Hungarian minority shareholder.
Charles Gerendai will continue to oversee tasks of the Sziget Festival, Gábor Takács lead international projects, and Zoltán Fülöp and Norbert Lobenwein will continue to helm the Volt Festival and Balaton Sound, HVG said.
Peter Lakatos, co-CEO of Videoton, who also had a stake in the festival, reportedly sold his share back before the acquisition took place. – Staff Writers