CTS Eventim is expanding its footprint in Switzerland’s live events sector through acquisitions of Gadget Entertainment and Wepromote Entertainment Group Switzerland.
The Berlin-based ticketing firm has bought 60 per cent of the shares in Zurich-based Gadget, the country’s leading full-service music agency, and the same majority stake in the St.Gallen-based Wepromote, including its Open Air St.Gallen and other festivals.
The Gadget Entertainment and Wepromote team has extensive experience in the music and entertainment business and operates in a variety of segments, including concerts, festivals, live events, management, booking, publishing and brand partnerships.
Following the completion of the transaction, Eventim and its two acquisitions will merge their operations to form a new company called Gadget ABC Entertainment Group.
Eventim chief executive Klaus-Peter Schulenberg, said: “By acquiring majority stakes in Gadget and Wepromote, and subsequently merging them with ABC Production, we are efficiently reorganising our business activities in the Swiss live events sector.
“Gadget ABC Entertainment Group AG will be a powerful events and entertainment network. We can thus deliver impressive proof of the great progress we are making in expanding Eventim Live, our international promoter network. This means we can offer artists not only two top ticketing systems, but also broader opportunities for international tours and customised solutions – all on a one-stop basis.”
The newly formed ABC Entertainment Group will be managed by five partners, including Christof Huber, the festival director in St. Gallen and Arbon, Cyrill Stadler, the CFO of Wepromote Group, and the Gadget partners Eric Kramer, Oliver Rosa and Stefan Wyss.
Kramer and Rosa will represent the company as managing partners, while Wyss will manage the live events business and Huber the festival business. Stadler will act as the financial director.
Huber said: “We have been jointly preparing for this step for quite some time. Due to the involvement of CTS Eventim and our taking over the business of ABC Production, we can generate some crucial momentum for further growth.”
André Béchir, managing director of ABC Production, added: “Merging these companies is a logical and consequential step and will have a sustained impact on the Swiss market in the live events segment. I am looking forward to the new partnership and to applying my extensive experience to actively assist Gadget ABC Entertainment Group AG in my role as consultant.”