Exponent’s Ambassador attracts private equity suitors

Alice Murray
14 October 2013

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Exponent Private Equity-backed Ambassador Theatre Group is reportedly on the block and has attracted high-profile suitors including BC Partners, Blackstone and Carlyle.

According to The Telegraph, Charterhouse, Lion Capital and Permira are also considering a purchase.

The sale process is being managed by UBS. It is believed the asset could fetch up to £350m.

Ambassador is the largest owner and operator of theatres in the UK. It was established through Exponent's simultaneous acquisition of Ambassador Theatre Group and the theatre portfolio of US corporate Live Nation in November 2009. According to unquote", at the time of the original deal the enlarged group was valued at a total of £150m.

The group is made up of 12 venues in the West End of London and a further 28 sites regionally.

In May this year, Exponent supported Ambassador's acquisition of The Foxwoods Theatre on Broadway, through its subsidiary Lyric Theatre. The deal was in line with Ambassador's growth strategy of expanding overseas into the US, Australia and Asia-Pacific.

Ambassador's management team is led by joint CEOs Howard Panter and Rosemary Squire. BFI chairman and former director general of the BBC, Greg Dyke, is the company's executive chairman.

Exponent did not respond to requests for comment prior to publishing.