James Barton's live-music arm of US investment firm Providence Equity Partners adds another European festival to its portfolio.
After buying a majority stake in Sónar Festival last year, Providence Equity Partners is now turning to the Finnish festival. Superstruct Entertainment, the live-music arm of the US investment firm run by former Live Nation executive James Barton, has entered into an investment and partnership agreement with Flow. According to the agreement, Flow's three founders (Tuomas Kallio, Suvi Kallio and Toni Rantanen), will remain as shareholders and in charge of the festival. Details about the extent of Superstruct's stake were not disclosed.
In a press release, Flow's Chairman of the Board, Kallio, says, "Given the accelerating global competition, we want to ensure Flow is able to offer the highest-quality experience." Barton echoed the sentiment, mentioning his portfolio which also includes Elrow and Sziget: "This is a great development for Superstruct and consistent with our strategy of partnering with outstanding live music and arts festivals in Europe."
Last week, Blawan and The Analogue Cops, AKA Parassela, announced a collaborative EP, titled Hedge Fund Festivals Kill Electronic Music.
Photo credit: Samuli Pentti