Oak View Group has completed the transaction to acquire Spectra to create one full-service live events company after Department of Justice approval, which was received this week. Financial terms of the transaction were not disclosed.
The deal comes at a time when OVG recently opened Climate Pledge Arena in Seattle and will open UBS Arena in Belmont Park, New York, on Saturday. The company has ongoing projects with the Moody Center in Austin, Texas; Coachella Valley Arena in Palm Springs, California; Co-op Live in Manchester, England; as well as arena projects in São Paulo, Brazil, and Hamilton, Ontario. As part of the proposed acquisition, the combined organization will serve clients with an array of venue and hospitality services, including booking advocacy, customized food & beverage experiences, sales and marketing support, public health and safety solutions, green operations and analytic insights.
“Now that OVG’s acquisition of Spectra is complete, we can get down to the business of delivering an expanded highly competitive set of services that anticipate and meet the evolving needs of our global client base,” OVG Chief Executive Officer Tim Leiweke said. “We’ll begin the important process of fully integrating the talented team at Spectra and bringing together our two organizations to create something truly extraordinary in the live events and entertainment industry.”
Integration of the two companies is expected to begin immediately with Chris Granger at the helm beginning December 1 as the new chief executive officer of OVG Facilities, a division of the Oak View Group focused on providing full-service venue management expertise, event programming, and now food & beverage solutions to arenas, stadiums, and convention centers on a global basis.
“Venues are incredible community assets,” Granger said. “As the needs and uses of these venues continue to evolve, we will be there, with our clients, leading the way. We will respect the planet; we will mirror the diversity of the many communities in which we do business; and we will provide our fans and our clients with extraordinary service, indelible memories, and easy confidence in knowing that we can again, and forever, gather safely.”
Founded in 2015 by Leiweke and Irving Azoff, OVG specializes in real estate venue development and financing, sponsorship sales and partnership management, media and content, and facilities management and security. Spectra is a leader in venue management, food services and hospitality and partnerships services and will fold its 330 clients into the newly merged company.
“The combined strength, energy, and expertise of OVG and Spectra has created a dynamic company,” Comcast Spectator Chairman and Chief Executive Officer Dave Scott said. “The leadership team has a powerful vision for growth, which will bode well for their collective clients, employees, and partners. As Spectacor Events & Entertainment continues to partner on content development, I look forward to watching the company grow and prosper.”