CTS Eventim has struck a deal to buy a majority stake in Gadget Entertainment and wepromote. The move will help Eventim expand into Switzerland.
CTS Eventim is a live entertainment and ticketing giant in Europe. The company is acquiring a 60% stake in both companies. Gadget Entertainment is based in Zurich, while wepromote is based in St. Gallen.
The five remaining sellers, holding 40% of shares, will become the new company’s management team.
The acquisition will grow the CTS Eventim live event portfolio by 400 to 500 concerts per year. Popular music festivals such as Open Air St. Gallen, SummerDays Festival, and Unique Moments are included.
Once the acquisition is complete, Gadget Entertainment and wepromote will merge their operations. Operations will be combined with ABC Production, a company already owned by CTS Eventim. The new company based in Zurich will be Gadget abc Entertainment Group AG.
The new company’s managers are five partners, including Christof Huber, Cyrill Stadler, Eric Kramer, Oliver Rosa, and Stefan Wyss. Kramer and Rosa will represent the company as Managing Partners. Wyss will serve as the Live Events business manager, and Huber will manage the Festival business. Cyrill Stradler will serve as the company’s Financial Director.
CTS Eventim CEO Klaus-Peter Schulenberg says the move is a way to re-organize its Swiss live events sector efficiently. Eventim Live is also adding 32 promoters to its national and global networks.
Back in March 2019, the company re-organized its live promoter activities under the Eventim Live umbrella. That network now includes 32 international promoters who organize more than 40 festivals and 6,000 live events.
The move to merge all three firms into one will help cement CTS Eventim as one of Switzerland’s most powerful entertainment companies. Several popular festivals now fall under a single company’s umbrella for promotion.