Ballroom, a holding company led by Billetto management, has acquired 100% of the debt and equity in Billetto, an event marketplace in Denmark and Sweden.
The holding company is made up of Billetto founder Patrick Borre with investment from existing chairman Joe Cohen, MC-Group, The Öhman Group and VNV Global. Billetto was acquired from the Danish Export and Investment Fund (EIFO) and a group of angel investors.
Borre co-founded Billetto in 2009 and has been the chief executive over the last nine years – a position he will continue to hold following the buy-out.
Billetto provides a self-service platform for event organisers to promote, manage and sell tickets to over 50,000 events held across 14 different countries in Europe. The business expects to grow top-line revenue by more than 100% in 2023, and has been profitable since 2021.
“My team and I are excited to double down on Billetto for the long-term,” said Borre. “The long tail of the event business, defined as organisers who sell fewer than 250,000 tickets per year, will grow at double-digits for the foreseeable future and we will continue to deliver a platform that helps our clients to grow their businesses.”
He added: “EIFO and our whole investor syndicate alongside the initial co-founders has been with us every step of the way. They have been a great shepherd of the business and I have the highest regard for EIFO in the Danish tech ecosystem. We’re also very excited to have the likes of Öhman, VNV and MC Invest join management, Joe and I for the next chapter in the Billetto journey.”
Next steps for the company include investing in sales, marketing and product platforms to cement its position in the market.
Billetto chairman Joe Cohen said: “Billetto emerges from this transaction with a great investor group, including management who now own a very substantial portion of the business, while being debt-free. We’re very excited about our position to capitalise on future opportunities.”
NOR Capital acted as the financial advisor to Billetto, while Bruun and Hjejle provided legal services to Ballroom.