LITITZ, PA — TAIT recently announced that Goldman Sachs Alternatives’ Private Equity business will acquire a majority stake in the company from Providence Equity Partners. The deal is subject to regulatory approval, and financial terms were not disclosed.
Adam Davis, CEO of TAIT, expressed excitement about the new partnership. “Since its inception, TAIT has partnered with clients across the globe to bring visionary concepts to reality and create extraordinary live experiences,” he said. He believes the collaboration with Goldman Sachs will open new opportunities and strengthen TAIT’s position as an industry leader. “Goldman Sachs’ network and expertise will enable us to grow our global footprint and offerings, empowering the company to better serve clients, drive innovation, and pioneer new technology,” Davis added.
Leonard Seevers, a Partner in Private Equity at Goldman Sachs Alternatives, praised TAIT’s unique solutions and dedicated employees. “We have been incredibly impressed with TAIT’s differentiated solutions, passionate employees, and long track record as a leading player in enabling live entertainment and experiences across the world. We are excited to partner with Adam and his team on their next phase of growth.”
Simon Kubbies, Managing Director at Goldman Sachs Alternatives, highlighted the potential for growth in the entertainment sector. “We believe that TAIT is exceptionally well-positioned to benefit from secular tailwinds as the entertainment space continues to grow in scale and complexity,” he said. “We see tremendous value creation opportunities for TAIT as the company continues to broaden its technology offering and market coverage.”
Scott Marimow, Managing Director at Providence, reflected positively on their partnership with TAIT over the past five years. “We’ve appreciated our tremendous partnership with the TAIT team. We believe that TAIT is an exceptional company that is essential to the live events sector. We’re proud to have helped TAIT continue to grow through new services, geographies and end markets, successfully navigate the pandemic, and create lasting value for all stakeholders.”
Adam Davis acknowledged Providence’s role in TAIT’s success. “I believe Providence has been integral to TAIT’s success. We thank them for their partnership and support in helping the company achieve incredible work,” he said.
Evercore and Jefferies LLC served as financial advisors, and Weil, Gotshal & Manges LLP served as legal counsel to TAIT for this transaction. Goldman, Sachs & Co. LLC and PJT Partners acted as financial advisors, while Simpson Thacher & Bartlett LLP served as legal counsel to Goldman Sachs.
This acquisition marks a significant move for TAIT, positioning it for further growth and innovation in the evolving entertainment industry.
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