TAIT, a global leader in the live entertainment industry, has announced that the Private Equity business at Goldman Sachs Alternatives will acquire a majority stake in the company from affiliates of Providence Equity Partners, pending customary regulatory approvals. Financial details of the transaction have not been disclosed.
Clik here to view.
Adam Davis, chief executive officer of TAIT, says:
“Since its inception, TAIT has partnered with clients across the globe to bring visionary concepts to reality and create extraordinary live experiences. As we look to our future – where the digital and physical worlds seamlessly merge into bespoke, individually tailored events, we are thrilled to partner with Goldman Sachs.
“This collaboration will unlock new opportunities and reinforce TAIT’s position as an industry leader in delivering culture-defining experiences. Goldman Sachs’ network and expertise will enable us to grow our global footprint and offerings, empowering the company to better serve clients, drive innovation, and pioneer new technology.”
Supporting the next chapter of growth
TAIT has been a trusted partner to some of the most well-known brands, institutions, and artists worldwide for over 45 years. It has produced memorable productions and experiences in over 30 countries, all seven continents, and even space.
The company works in the live experience, brand experience, placemaking, and location-based experience markets, and its worldwide multi-disciplinary team has brought to life Olympic opening ceremonies, World Expo pavilions, Super Bowl halftime extravaganzas, and much more. To assist TAIT in its next phase of expansion, Goldman Sachs offers a worldwide platform and extensive knowledge in the media, entertainment, and technology industries, as well as other resources for value generation.
Leonard Seevers, partner in Private Equity at Goldman Sachs Alternatives, says: “We have been incredibly impressed with TAIT’s differentiated solutions, passionate employees and long track record as a leading player in enabling live entertainment and experiences across the world. We are excited to partner with Adam and his team on their next phase of growth.”
Simon Kubbies, managing director at Goldman Sachs Alternatives, adds: “We believe that TAIT is exceptionally well-positioned to benefit from secular tailwinds as the entertainment space continues to grow in scale and complexity, and see tremendous value creation opportunities for TAIT as the company continues to broaden its technology offering and market coverage.”
A strong track record
Scott Marimow, managing director at Providence, says: “We’ve appreciated our tremendous partnership with the TAIT team over the past five years. We believe that TAIT is an exceptional company that is essential to the live events sector. We’re proud to have helped TAIT continue to grow through new services, geographies and end markets, successfully navigate the pandemic, and create lasting value for all stakeholders. We wish the company and their new partners well.”
Davis adds: “I believe Providence has been integral to TAIT’s success. We thank them for their partnership and support in helping the company achieve incredible work.”
TAIT received legal consultation from Weil, Gotshal & Manges LLP and financial advice from Evercore and Jefferies LLC. Goldman Sachs was advised financially by PJT Partners and Goldman, Sachs & Co. LLC and legally by Simpson Thacher & Bartlett LLP.
Last month, TAIT was named production partner for the eagerly anticipated VAI Resort, which is set to open in Arizona, US, in 2025.
Top image credit TAIT
The post TAIT announces equity investment from Goldman Sachs Alternatives’ Private Equity business appeared first on Blooloop.