Los Angeles-based venue development, advisory, and investment company Oak View Group and Spectra, a Philadelphia-based venue management and hospitality provider, have entered into a definitive agreement to merge.
Financial terms of the transaction were not disclosed.
Founded in 2015 by live music industry heavyweights Tim Leiweke and Irving Azoff, OVG specializes in real estate venue development and financing, sponsorship sales and partnership management, media and content and facilities management and security.
In 2018, OVG received a reported $100m in funding from technology investment firm Silver Lake.
OVG has partnerships with prominent venues, including major league facilities such as Climate Pledge Arena (Seattle) and UBS Arena (Belmont, NY), among others.
Completion of the merger, which is expected in Q4 2021, is subject to regulatory approvals and other customary closing conditions.
Following the close of the transaction, OVG will remain headquartered in Los Angeles, with the headquarters for Spectra remaining in Philadelphia.
UBS Investment Bank acted as financial advisor and Kirkland & Ellis LLP acted as legal advisor to Oak View Group.
Moelis & Company LLC acted as exclusive financial advisor and Davis Polk & Wardwell LLP acted as legal advisor to Spectra.
“This merger brings together two dynamic leaders in the live events industry with complementary capabilities that will deliver a broad array of services to our clients.”
Tim Leiweke, OVG
Tim Leiweke, CEO of OVG, said: “This merger brings together two dynamic leaders in the live events industry with complementary capabilities that will deliver a broad array of services to our clients.
“OVG’s core competencies in arena development and corporate sponsorships, coupled with Spectra’s leadership in food and beverage services will create a full-service live events company that will deliver a compelling and highly competitive set of offerings that meet our clients’ evolving needs.
“I look forward to collaborating with the talented team at Spectra and bringing together our two organizations to create something truly unique.”
“I look forward to working with Tim, Irving and the OVG team to enhance the future of live events for our valued clients.”
Dave Scott, Spectra
Dave Scott, CEO of Spectra, added: “This is an exciting development for Spectra and an important step in our journey to provide unparalleled services to our clients along with exciting growth opportunities for our team members as part of a larger, more diverse organization.
“This merger accelerates our existing strategy and will lead to significant opportunities to cross-sell food, beverage and sponsorship services across our combined client base.
“I look forward to working with Tim, Irving and the OVG team to enhance the future of live events for our valued clients.”
In 2019, Oak View Group expanded its operations with the launch of OVG International, based in London.Music Business Worldwide
