MAMA gets into Angel groove
Article Date: Jun 13 2008Music and media group MAMA has increased its interests in the festivals market after buying a majority stake in Angel Music from Neil Moffitt. The group now owns 70 per cent of the company, which organises dance music festivals, such as Global Gathering and Escape into the Park as well as owning the Godskitchen club brand.
The deal was completed through MAMA’s Mean Fiddler subsidiary for an initial £2.6 million, with up to £1.2 million due depending on the acquired company’s performance from January to August this year. The consideration was settled in shares and cash, funded by debt.
Angel Music organises events in Europe, the Far East and the US. MAMA’s directors believe the deal will increase the group’s exposure to international markets, following its investment in North American-based Nettwerk Music last November.
MAMA adds Angel’s brands to its portfolio, which include London’s Lovebox Weekender, Surfstock in Cornwall and The Great Escape in Brighton. The deal has created a business that its directors anticipate will sell more than 250,000 UK festival tickets in the next 12 months.
