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LOS ANGELES and PHILADELPHIA, November 19, 2021 / PRNewswire / – Oak View Group (OVG), a global venue development, consulting, and investment firm serving the sports and live entertainment industries, today announced the completion of the transaction to acquire Spectra, a leading provider of venue management and hospitality, known a first-class full-service company for live events.
While the first takeover agreement first appeared on August 30th, after the Hart-Scott-Rodino Antitrust Improvements Act of 1976 (the “HSR Act”) had expired, companies were awaiting regulatory clearance from the Department of Justice, which they received on Monday, November 15. The financial terms of the transaction were not disclosed.
“Now that OVG’s acquisition of Spectra is complete, we can move on to the business of providing an expanded, highly competitive range of services that anticipate and meet the evolving needs of our global customer base.” Tim Leiweke, CEO of OVG, called. “We will embark on the important process of fully integrating the talented team at Spectra and bringing our two organizations together to create something truly extraordinary in the live events and entertainment industry.”
The deal comes at a time when OVG was responsible for leading arena redevelopment and operations of the recently opened Climate Pledge Arena in the Seattle Center, as well as leading arena development projects such as the UBS arena in Belmont Park, NY; Moody Center in Austin, TX; New Arena in Coachella Valley, California; Co-op live in Manchester, UK; as well as the arena projects in São Paulo, Brazil, and Hamilton, Ontario
As part of the proposed acquisition, the combined company will provide current and future customers with a full suite of event and hospitality services, including powerful booking advocacy; innovative, bespoke food and beverage experiences; award-winning sales and marketing support; state-of-the-art public health and public safety solutions; unmatched leadership in sustainable, green operations; and analytical insights that enable smarter, faster operational decisions.
The integration of the two companies should begin immediately Chris Granger at the helm beginning December 1 than the new CEO of OVG Facilities, a division of Oak View Group focused on providing full service expertise in venue management, event programming and now food & beverage solutions for arenas, stadiums and convention centers on a global scale.
Granger said, “Venues are incredible common goods, the very last town square, perhaps the remaining place where different people meet to laugh, cheer, sing, dance, eat, do business, protest or vote there As the needs and uses of these venues evolve, we will be pioneers together with our customers. We will respect the planet; we will reflect the diversity of the many communities in which we operate; and we will provide exceptional service, indelible memories, and the simple confidence of knowing that we can gather together again and forever to our fans and customers. ”
Founded in 2015 by industry veterans Tim Leiweke and Irving Azoff, OVG specializes in property development and financing, sponsorship sales and partnership management, media and content, and facility management and security. OVG has close partnerships with prominent venues, including major league establishments such as the recently opened Climate Pledge Arena (Seattle) and UBS-Arena (Belmont, NY), among other.
Spectra is a leader in Venue Management, Food Services & Hospitality and Partnership Services and will serve its 330 top tier customers to all North America and around the world – including stadiums, arenas, convention centers, performing arts centers, exhibition centers and casinos – into the newly merged company.
Dave Scott, Chairman and CEO of Comcast Spectacor, said, “The combined strength, energy and expertise of OVG and Spectra has created a dynamic company unlike anything the industry has seen customers, employees and partners. With Spectacor Events & Entertainment continuing to partner with content development, I look forward to seeing the company grow and flourish. ”
The conclusion of the merger was subject to regulatory approvals and other customary closing conditions. Upon completion of the transaction, OVG will retain its headquarters in Los Angeles while Spectra will remain 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 acted as legal advisor to Spectra.
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About the Oak View Group (OVG)
Oak View Group (OVG) is a global sports and entertainment company founded by Tim Leiweke and Irving Azoff in 2015. OVG is focused on positively disrupting business operations in the sports and live entertainment industries and currently has eight divisions in four global offices (The angel, new York, London, and Philadelphia). OVG leads the renovation and operation of the Climate Pledge Arena in the Seattle Center as well as the management of arena development projects for the UBS Arena in Belmont Park, NY; Moody Center in Austin, TX; New Arena in Coachella Valley, California; and co-op live in Manchester, UK. OVG Global Partnerships, a division of OVG, is the sales and marketing arm responsible for selling all OVG Arena development projects. OVG Facilities, a division of OVG, is the facility management, booking, security and disinfection division that provides services for both OVG’s arena development projects and third-party customers. OVG Media & Conferences, a division of OVG, publishes Pollstar and VenuesNow and hosts live entertainment conferences around the world. OVG’s Arena Alliance, a division of OVG, is a collection of the 32 best venues in North America which offers a platform for booking, content and sponsorship sales opportunities. Learn more at OakViewGroup.com, and follow OVG on Facebook, Instagram, Twitter, and LinkedIn
About Spectra
Spectra is an industry leader in live events and entertainment. Spectra’s network of elite local management teams works with municipalities, colleges and universities, private developers and other customer partners to create unforgettable experiences for millions of visitors each year. Spectra delivers measurable value through a mix of venue management, hospitality and hospitality services, and partnership services for 330 high-profile customers across the world North America and around the world including stadiums, arenas, convention centers, performing arts centers, exhibition centers and casinos. Spectra’s Event Management division specializes in pre-build consulting, event booking and content development, finance and administration, GREAT customer service, marketing and sales, operations, ticketing and till management. The Food Services & Hospitality division offers expertise in the areas of concession, catering, facility design, restaurant and premium space management as well as data & analytics. Partnerships offers a range of services in five main areas: property sales and representation, naming rights, hospitality and premium seating, strategic advice and national partners. Spectra’s on-site teams are supported by senior executives who provide expertise in demanding areas such as human resources, legal and risk management, procurement, communications and crisis management.
Learn more at SpectraExperiences.com and follow Spectra on Facebook, Instagram, Twitter and LinkedIn.
Media contacts
Larry Solters, Sam Threadgill, Erik Stein
Scoop Marketing
(818) 761-6100
solters@solters.com, sthreadgill@solters.com, estein@solters.com
Blair Cardinal
(267) 738-2806
Blair.Cardinal@spectraxp.com
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SOURCE Oak View Group
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