Live Music

Fest Team agrees deal to acquire Charmenko

Featured image credit: Fest Team

Bulgarian promoter Fest Team has reached a deal to acquire Istanbul-headquartered regional operator Charmenko.

Fest Team said the acquisition will expand its activities across Eastern Europe, the Balkans, Turkey and the Baltic States. The final contract is expected to be concluded later this summer.

The deal includes Charmenko divisions Charm Music and Charmworks. Charmenko acts as a promoter and engagement agency for prominent artists for concerts and festivals.

Sofia-based Fest Team said Charmenko’s strong presence in all Eastern European markets will provide it with greater access to diverse musical talent and markets throughout the region. It said this will allow the company to offer even more varied musical experiences to its audience while promoting cultural exchange.

“The acquisition of Charmenko is a transformative opportunity for Fest Team,” said Stefan Elenkov, chief executive of Fest Team.

“It is a privilege for us to team up with a popular and respected company in the music industry like this. I believe that by combining the Fest Team’s expertise and professionalism in organizing major music events with Charmenko’s strong contacts and their more than 30 years of experience and industry knowledge, we will be able to create a synergy that will redefine the music landscape of Eastern Europe.

“This strategic alliance will help us to adequately connect artists with venues and festivals and offer end-to-end solutions to enhance the experience for both performers and audiences.”

Charmenko explains sale

Fest Team is the largest promoter company in Bulgaria, whose events annually gather more than 200,000 fans with its portfolio of concerts and festivals. Fest Team’s events include Sofia Solid Concert Series, Hills of Rock Festival and Spice Music Festival. It has worked with acts such as Ed Sheeran, Iron Maiden and Arctic Monkeys.

Charmenko has enjoyed a successful period and recovered quickly to pre-pandemic business. It has doubled in size and opened new offices since 2021.

Charmenko’s founder and owner Nick Hobbs said: “I feel that right now is the time to join a larger Eastern European organisation for promotion, artist engagement and quality services in the entertainment sector for the whole region, which knows how to integrate creativity, synergies and professionalism with long-term strategies and which puts artists, audiences and customers at the core of our mission.”