Providence Equity, via Superstruct, has acquired 100% of Spanish promoters The Music Republic, according to a report by El Confidential.
The Music Republic was founded by brothers David and Toño Sánchez in Valencia. Events promoted by the company include FIB, Arenal Sound, Viña Rock, Festival de Les Arts, Interstellar Sevilla, Madrid Salvaje, Granada Sound, Love The 90’s, Brava Madrid and Bahía Sound.
The Music Republic also comprises a booking agency, artist management and record label. According to El Confidencial’s sources, Superstruct paid some €120 million ($130 million) for the business, which will reportedly remain in control of the Sánchez brothers.
What is more, The Music Republic will also operate the new Roig Arena, home to the local basketball club, which is scheduled to open in 2024. It also operates Arena Live
According to El Confidential, Live Nation had shown interest in purchasing The Music Republic in 2019, but it never came to that.
It’s not the first investment from Providence in Spain. In 2018, it acquired a stake in Barcelona-based Sónar.
It’s also not the first investment from private equity in a festival market that grew its turnover from €158 million to €352 million between 2013 and 2019, according to data from Spain’s promoters association APM.
In 2018, another U.S. investment fund, Ron Burkle’s The Yucaipa Companies, acquired a minority stake in Primavera Sound, which has since expanded the brand worldwide, adding festivals in South America, LA, and Spain.