LDC buys HMV live music division

With LDC's support, Mama will pursue a buy-and-build strategy targeting both UK and overseas acquisition opportunities.

Out of the total transaction value, £3.5m will reportedly be deferred for 12 months and the proceeds of the sale will be used to reduce HMV's debt. The entertainment retailer has been looking to downsize its live music operations, notably selling the Hammersmith Apollo in June 2012 for £32m.

HMV had bought Mama in 2009 for £46m.

Company
Founded in 2005, Mama is an integrated live music company, combining the ownership of venues and festivals with the management of artists, supported by brand partnerships and a tech platform.

Mama's venues include the Forum and Jazz Cafe in London; the Picture House in Edinburgh; the Institute in Birmingham, and the Manchester Ritz. The business holds more than 2,700 events annually in the UK, with up to one million people visiting its venues and 150,000 attending its festivals every year.

Mama also owns music magazine The Fly.

People
Alistair Pendleton led the deal for LDC. Dean James is CEO of Mama.

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• Topics
• UK / Ireland
• Buyouts
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• LDC