Photo Credit: Paolo Villanueva / CC by 2.0
CGL, the company behind the biggest tours, such as Taylor Swift and Beyoncé, announces a controlling investment from Providence Equity Partners.
GCL, a worldwide leader in live events logistics, has announced a strategic investment from Providence Equity Partners. The private equity firm has significant experience investing in and supporting companies in the entertainment and media sectors.
Providence will become the majority shareholder of CGL, and ATL Partners, the current majority owner, will retain a minority equity stake in the company. GCL will continue to be led by President and CEO Daniel Rosenthal, with global headquarters in New York. The transaction is still subject to customary closing conditions. The financial terms of the transaction were not disclosed, though The Wall Street Journal reports it was more than $1 billion.
Founded in 1978, GCL is the world’s premier logistical provider in its sectors, operating in service-sensitive live events and luxury goods markets. GCL completes more than 10,000 projects annually in over 160 countries and enables some of the world’s biggest live music tours—including 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,” said 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,” said 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 nearly three decades of experience investing in and creating value at a wide range of companies in the live event space. These include 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 financial advisors, while Gibson, Dunn & Crutcher LLP served as legal advisor to GCL. Harris Williams served as financial advisor and Kirkland & Ellis LLP served as legal advisor to Providence.
Recommended Comments
Join the conversation
You can post now and register later. If you have an account, sign in now to post with your account.