Fresh news from the world of entertainment. The electronic music giant ID&T was bought by Superstruct, according to Netherlands-based financial publication Het Financieele Dagblad. In the same publication, it is further described that Superstruct Entertainment has acquired ID&T from Axar Capital for a sum ranging between $150 million and $200 million. Negotiations had started in 2019 but due to the pandemic, the process had been delayed. Now, the purchase comes after the major crisis in the industry brought about by COVID-19 and seems to be a real oxygen balloon for ID&T.
UK-based concert promoter Superstruck is the name behind some well-known brands in the live music events sphere such as Sziget, Elrow, Parookaville, Wacken Open Air, and Boardmasters. The press release announcing the partnership between the two companies did not include major financial details about the deal but reinforced that it is a strategy that greatly benefits both parties. You can also read that:
‘Both ID&T and Superstruct see great opportunities in sharing knowledge and creating synergies between the companies to further improve the fan experience at their festivals.’
The close involvement of the founders and senior management of the ID&T Group will not be in question, as they will become shareholders in Superstruct Entertainment. The ID&T Group was founded in 1992 and today has on its menu major events such as Mysteryland, Thunderdome, Defqon.1, Awakenings, and Milkshake. Q-dance, ID&T Events, B2S, Monumental (Awakenings), Art of Dance, Platinum Agency, and Headliner Entertainment are the subsidiary companies of the group.
About all this, Ritty van Straalen, CEO of the ID&T group said:
‘The past 19 months have been very tough for us and the entire event industry, but we are excited to see that Superstruct has been able to look through the current environment, recognizing the combined potential of these two world-class companies. (…) The international live events industry is increasingly consolidating and Superstruct has developed itself into a high quality, market leading powerhouse in our industry. (…) We are happy to be part of such an experienced group and strongly believe we can reinforce each other in many ways.’
Both companies share this moment with great enthusiasm, certain that together they will continue to revolutionise and develop the world of entertainment. Roderik Schlösser, CEO of Superstruct Entertainment, added that:
‘We are proud to welcome ID&T to the Superstruct family. The company is an absolute pioneer and leader in the live entertainment industry and is globally renowned for its high-quality productions, creativity, and differentiated capabilities to engage with its fans. We are excited to work alongside their talented team.’
Superstruct’s Chairman James Barton points to this as a very significant milestone for the company and a great opportunity for joint growth.
Image credit: Mysteryland
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