Mon, 04/02/2013 - 10:09
The media:tech sector team at Livingstone Partners has sold Taste Festivals to IMG Arts and Entertainment, part of IMG Worldwide, the sport, entertainment and media company.
Livingstone advised Taste Festivals’ parent company, Brand Events, and its investor Ingenious Media Active Capital on the transaction.
Taste of London and the company’s other international festivals bring together the latest restaurants and world famous chefs to offer signature dishes and inspiration to thousands of foodies in one location over four days. Since its launch, Taste Festivals has rapidly grown into a global phenomenon. Taste now runs annual events in 17 cities across the globe, and works with over 100 of the world’s greatest chefs.
By positioning the business as a powerful brand speaking to lovers of fine dining around the world, Livingstone was able to market the business beyond the traditional events sector and to engage with more diverse strategic acquirers which recognised Taste’s broader potential.
Stephen Flint Wood, senior vice president and managing director IMG Arts & Entertainment, says: “IMG has witnessed the extraordinary rise in both the public’s love of great food and restaurants together with the ever growing demand for premium experiential events. We are excited about the potential to grow the business even further, and look forward to working with the team at Taste Festivals and our network of offices in over 30 countries to achieve this aim.”
Chris Hughes, chief executive of Brands Events, says: “The Livingstone team immediately saw the value of Taste as a global brand with enormous potential, and knew the acquirers who had the most to gain from the acquisition. They provided excellent support throughout the process.”
Daniel Domberger, director at Livingstone, adds: “Although consumer spending generally is depressed, businesses targeting consumer passions such as food and fine dining continue to perform very well. We are delighted to have helped Brand Events and Ingenious realise the inherent value in the exciting global Taste brand."
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