HoB Concerts Nixes Sale

House of Blues Concerts won’t be sold after all, the company announced in a statement April 13th. It had retained the services of UBS, a global financial services firm, in December to assist in evaluating overtures made by potential HoB buyers.

The decision not to sell HoB Concerts marks the second time in as many years that House of Blues was the target of acquisition rumors and then announced it was not for sale. Previously, the entire HoB operation was reportedly on the block, including the clubs side. Both times, speculation was rife that Clear Channel Entertainment was the leading suitor.

And once again, the rumors are for naught.

“We are constantly evaluating options to grow the House of Blues brand as quickly as possible,” HoB Entertainment CEO Greg Trojan said in making the announcement. “However, we have concluded that retaining our concert business will generate more growth than selling it.

“I believe the supply and demand dynamics of the concert industry bode well for our business going forward. The benefits of operating amphitheatres and club venues in a market outweigh the benefit of an accelerated club only development strategy.”

Among the venues under the HoB umbrella are the Gibson Guitar Amphitheatre (formerly Universal) in Los Angeles; Coors Amphitheatre near San Diego, Calif.; Gorge Amphitheatre in George, Wash.;Coors Amphitheatre near Denver; Blossom Music Center in Cuyahoga Falls, Ohio; Scene Pavilion in Cleveland; HiFi Buys Amphitheatre in Atlanta; the Smirnoff Music Centre in Dallas; and The Molson Amphitheatre in Toronto.

House of Blues announced a $110 million recapitalization last month, and is expected to continue to expand the club brand with venues under construction in San Diego and Atlantic City, N.J. There are plans to announce additional locations in the near future.