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THE ANGEL and PHILADELPHIA, August 30, 2021 / PRNewswire / – Oak View Group (“OVG”), a global venue development, consulting, and investment company serving the sports and live entertainment industries, and Spectra, an industry leader in venue management and hospitality, announced today a definitive agreement under which OVG and Spectra will merge to create a leader in the live events industry. Financial terms of the transaction were not disclosed.
Tim Leiweke, CEO of OVG, commented: “This merger brings together two dynamic leaders in the live events industry with complementary skills that will provide our customers with a wide range of services. Food and Beverage Services will be a full service live event -Create a business that offers a compelling and highly competitive range of offerings that meet the changing needs of our customers. I look forward to working with the talented team at Spectra and bringing our two organizations together to create something truly unique. “
Dave Scott, Spectra CEO, said: “This is an exciting development for Spectra and an important step in our journey to deliver unparalleled service to our customers and exciting growth opportunities for our team members as part of a larger, more diverse organization. This merger accelerates our existing strategy and will result in significant food, beverage cross-sell and sponsorship opportunities for our mutual customer base. I look forward to working with Tim, Irving and the OVG team to create the future of live events for our valued customers to improve .”
Founded in 2015 by industry veterans Tim Leiweke and Irving Azoff, OVG specializes in the development and financing of real estate locations, the sale of sponsorship and partnership management, media and content management as well as facility management and security. OVG has close partnerships with prominent venues, including major league establishments such as the Climate Pledge Arena (Seattle) and UBS-Arena (Belmont, NY), among other.
Spectra has positioned itself as an industry leader by helping its customers maximize venue budgets and operations, optimize sales and marketing, improve relationships with top promoters and meeting planners, connect with fans and the community, and Implement industry best practices to effectively and efficiently host extraordinary live events Events and entertainment.
The combined company will provide industry-leading expertise in booking and content creation for the venues it manages, and will be committed to sustainability across its business operations, leveraging the power of the entertainment and sports industries to deliver robust and sweeping positive change .
The closing of the combination, which is expected in the fourth quarter of this year, is subject to regulatory approvals and other customary closing conditions. Upon completion of the transaction, OVG will be headquartered in The angel, with the headquarters of Spectra 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.
Media assets are available here.
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 and leads 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 worldwide. 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.
About Spectra
Spectra is an industry leader in live events and entertainment. Spectra’s network of local elite management teams works with municipalities, colleges and universities, private developers and other customer partners to create memorable experiences for millions of visitors each year. Spectra delivers measurable value through a mix of venue management, hospitality and hospitality services, and partnership services to 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 challenging 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 for the Oak View Group
(818) 761-6100
[email protected], [email protected], [email protected]
Blair Cardinal
Spectra
(267) 738-2806
[email protected]
SOURCE Oak View Group; Spectra
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