Festival organization ID&T becomes part of Superstruct Entertainment, which organizes festivals such as Sziget and Zwarte Cross. The amount involved in the deal has not been disclosed. The entertainment company is again in the hands of the American Providence Equity.
ID&T annually organizes about seventy events and is behind well-known festivals such as Mysteryland, Thunderdome and Defqon.1. It was founded in 1992. Every year about 1.5 million visitors come to the festivals. Founders of various festivals and senior management become shareholders in the new owner’s company.
The parties say that they want to strengthen their market position with the collaboration. Talks about the acquisition already started before the corona crisis, in 2019. The pandemic caused delays.
‘Piloted to safe harbor’
The CEO of ID&T, Ritty van Straalen, says that with this deal “the company has been piloted into a safe haven”. Like other companies in the event industry, ID&T has also been hit hard by the corona crisis.
The emergency financing of the Rabobank of 8 million euros, the same amount from the shareholders and a loan from the staff of 3 million euros can now be repaid, according to Van Straalen. The CEO also says that he has “secured the employment of more than 100 employees” with the deal.
The company has also received government support – 12 million euros – and promises that a total of 17 million, including taxes, will go back to the state coffers.