Private Equity At Goldman Sachs Alternatives Announces A New Investment In TAIT
LITITZ, Pa., July 9, 2024 - TAIT, a global leader in live experiences, today announced that the Private Equity business at Goldman Sachs Alternatives (“Goldman Sachs”) will acquire a majority stake in the company from affiliates of Providence Equity Partners (“Providence”), subject to obtaining customary regulatory approvals. Financial details of the transaction were not disclosed.
Adam Davis, Chief Executive Officer of TAIT, said “Since its inception, TAIT has partnered with clients across the globe to bring visionary concepts to reality and create extraordinary live experiences. As we look to our future – where the digital and physical worlds seamlessly merge into bespoke, individually tailored events, we are thrilled to partner with Goldman Sachs. This collaboration will unlock new opportunities and reinforce TAIT's position as the industry leader in delivering culture-defining experiences. Goldman Sachs’ network and expertise will enable us to grow our global footprint and offerings, empowering the company to better serve clients, drive innovation, and pioneer new technology.”
For over 45 years, TAIT has been a trusted partner to the world’s most influential artists, brands, and institutions. Working across live experience, brand experience, placemaking, and location-based experience markets, TAIT has created iconic productions and experiences in over 30 countries, all seven continents, and even outer space. Superbowl half-time extravaganzas, award winning theme parks, World Expo pavilions, Olympic Opening ceremonies and much more have been brought to life through their global multi-disciplinary team. Goldman Sachs brings a global platform, deep experience in the media, entertainment, and technology sectors and other value creation resources to support TAIT in its next chapter of growth.
Leonard Seevers, Partner in Private Equity at Goldman Sachs Alternatives, commented, “We have been incredibly impressed with TAIT’s differentiated solutions, passionate employees and long track record as a leading player in enabling live entertainment and experiences across the world. We are excited to partner with Adam and his team on their next phase of growth.”
Simon Kubbies, Managing Director at Goldman Sachs Alternatives, added, “We believe that TAIT is exceptionally well-positioned to benefit from secular tailwinds as the entertainment space continues to grow in scale and complexity, and see tremendous value creation opportunity for TAIT as the company continues to broaden its technology offering and market coverage.”
Scott Marimow, Managing Director at Providence, said, “We’ve appreciated our tremendous partnership with the TAIT team over the past five years. TAIT is an exceptional company that is essential to the high growth live events sector. We’re proud to have helped TAIT continue to grow through new services, geographies and end markets, successfully navigate the pandemic, and create lasting value for all stakeholders. We wish the company and their new partners well.”
Adam Davis, Chief Executive Officer of TAIT said, “Providence has been integral to TAIT’s success. We thank them for their partnership and support in helping the company achieve incredible work.”
Evercore served as financial advisor and Weil, Gotshal & Manges LLP served as legal counsel to TAIT in connection with this transaction. Goldman, Sachs & Co. LLC and PJT Partners served as financial advisors and Simpson Thacher & Bartlett LLP served as legal counsel to Goldman Sachs.
About TAIT
TAIT partners with artists, brands, IP holders and place makers to bring culture-defining, never-before-seen experiences to life. With a legacy of innovation spanning over 45 years, TAIT has grown from pioneering in rock ‘n’ roll concert staging to setting the global standard for extraordinary live events and experiences through cutting-edge technology, precision engineering, and creative design. TAIT’s 20 global offices have developed iconic productions and experiences in over 30 countries, all seven continents, and even outer space for renowned performers, theme parks, exhibits, and venues across the globe, including partnerships with Taylor Swift, Cirque Du Soleil, Royal Opera House, Nike, NASA, Bloomberg, Google, Beyoncé, and The Olympics.
About Private Equity at Goldman Sachs Alternatives
Goldman Sachs (NYSE: GS) is one of the leading investors in alternatives globally, with over $450 billion in assets and more than 30 years of experience. The business invests in the full spectrum of alternatives including private equity, growth equity, private credit, real estate, infrastructure, hedge funds and sustainability. Clients access these solutions through direct strategies, customized partnerships, and open-architecture programs. The business is driven by a focus on partnership and shared success with its clients, seeking to deliver long-term investment performance drawing on its global network and deep expertise across industries and markets. The alternative investments platform is part of Goldman Sachs Asset Management, which delivers investment and advisory services across public and private markets for the world’s leading institutions, financial advisors and individuals. Goldman Sachs has over $2.8 trillion in assets under supervision globally as of December 31, 2023. Established in 1986, Private Equity at Goldman Sachs Alternatives has invested over $75 billion since inception. The business combines a global network of relationships, unique insight across markets, industries and regions, and the worldwide resources of Goldman Sachs to build businesses and accelerate value creation across its portfolios.
Goldman Sachs Alternatives Media Contact:
Victoria Zarella
212.902.5400