Law firm Howard Kennedy has advised Impressario Festivals on the sale of its four festivals – Rewind, Boardmasters, Field Day and SouthWestFour – to media and entertainment group Global.
The sale of the four festivals was completed in early October 2016 and will effectively double shareholder value for the original investors in the company.
Impressario will continue to provide strategic and management advice to the festival operators until April 2017.
Howard Kennedy worked with the team to establish Impressario in 2013, which raised some GBP9 million under the Enterprise Investment Scheme. In 2013, Howard Kennedy also helped Impressario purchase the Rewind festival, and in 2014 the purchase of Boardmasters and SouthWestFour.
Following the sale of its four festivals, Impressario is now looking to acquire further festivals with potential for growth.
The Howard Kennedy team was led by Michael Harris, a partner in the corporate team, with support from associate Matthew Astbury.
Harris says: “We have worked alongside the team at Impressario for the past three years. It has acquired and created four hugely successful festivals, and their sale has delivered impressive returns for investors – doubling their initial investments. It is now actively looking to purchase festivals with potential.”
The team behind Impressario has launched a new venture, Edition Capital, which has kicked off with its first product, an EIS fund which will invest in small companies with growth potential in the media and entertainment sector.