GCL, Live Event Company Snapped Up for $1 Billion+

CGL, the corporate behind the most important excursions, akin to Taylor Swift and Beyoncé, declares a controlling funding from Providence Equity Partners.

GCL, a worldwide chief in dwell occasions logistics, has introduced a strategic funding from Providence Equity Partners. The personal fairness agency has vital expertise investing in and supporting corporations within the leisure and media sectors.

Providence will turn into the bulk shareholder of CGL, and ATL Partners, the present majority proprietor, will retain a minority fairness stake within the firm. GCL will proceed to be led by President and CEO Daniel Rosenthal, with international headquarters in New York. The transaction continues to be topic to customary closing situations. The monetary phrases of the transaction weren’t disclosed, although The Wall Street Journal experiences it was greater than $1 billion.

Founded in 1978, GCL is the world’s premier logistical supplier in its sectors, working in service-sensitive dwell occasions and luxurious items markets. GCL completes greater than 10,000 initiatives yearly in over 160 nations and allows among the world’s greatest dwell music excursions—together with Taylor Swift’s record-breaking Eras tour.

“GCL is a very special company supported by an incredible family of employees, customers, and partners across its global network. Providence’s commitment validates our customer focus and growth strategy and will expand our capabilities further in the years ahead,” mentioned Daniel Rosenthal, GCL President and CEO.

“The Providence team’s proven track record and depth of relationships in our end markets make them the ideal partner for the next chapter of serving our customers. I’m also extremely grateful to the team at ATL Partners for their deep passion to propel our growth strategy. Under ATL’s active stewardship during the last seven years, GCL has successfully expanded into several adjacent verticals and is the clear market leader in live events and luxury goods logistics.”

“For nearly 50 years, GCL has earned the trust of the world’s biggest names in the live events sector and established a leading position in all of the end markets it serves,” mentioned Scott Marimow, Managing Director at Providence. “We have a deep appreciation for and understanding of the business, especially given our long history of investing in entertainment and sports. We look forward to partnering with Dan and the entire GCL team to help capitalize on organic and inorganic growth opportunities ahead.”

Providence has almost three a long time of expertise investing in and creating worth at a variety of corporations within the dwell occasion house. These embrace Ambassador Theatre Group, Major League Soccer, Sweetwater, Yankees Entertainment and Sports Network, and World Triathlon Corporation.

“Since ATL invested in GCL in 2018, GCL has transformed itself into a premier business focused on the high growth live event and luxury goods markets,” added Sanjay Arora, a Partner at ATL Partners. “Dan and his management team have positioned the company well for its next phase of growth by expanding into new verticals, adding operational capabilities, and executing strategic acquisitions. We look forward to supporting the next step in GCL’s journey alongside Providence and the GCL management team.”

Jefferies LLC, J.P. Morgan, Securities LLC, and Moelis & Company LLC served as monetary advisors, whereas Gibson, Dunn & Crutcher LLP served as authorized advisor to GCL. Harris Williams served as monetary advisor and Kirkland & Ellis LLP served as authorized advisor to Providence.