DEAG Deutsche Entertainment is acquiring a majority shareholding of British promoter Flying Music Group through its UK subsidiary Kilimanjaro Holdings, which is headed by Stuart Galbraith (pictured). The move continues the Berlin-based promoter and music company’s international expansion strategy.
The Flying Music Group has 30 years of experience as a tour, musical and theatrical producer and promoter. Its shows include the long-running West End production Thriller – Live and The Rat Pack Live From Las Vegas.
In the most recent financial results, Flying Music Group generated sales of around €20 million (£18.3 million). As a result of the acquisition, DEAG Group’s sales in the UK are expected to increase to over €100 million (£91.2m) in 2018. DEAG’s Executive Board said it expects up to an additional 500,000 ticket sales a year for DEAG’s ticketing business in the UK, myticket.co.uk.
Detlef Kornett, the executive board member responsible for DEAG’s international business, commented: “The integration of the Flying Music Group into the DEAG Group is another fundamental step into our second home market in the UK. It sees us expand Kilimanjaro’s and our footprint as we continue to grow profitably. This transaction will also give us excellent opportunities for cooperation with outstanding productions in our core markets, across Europe and worldwide.”
Stuart Galbraith, CEO and partner of DEAG at Kilimanjaro Live, added: “These are exciting times for DEAG and Kilimanjaro. Our core business of live music is continuously growing. We are expecting to have another record year in 2018 with more than two million tickets sold in the UK. We have also been able to achieve the growth of the last three years by diversifying our business model beyond live music into projects such as The Illusionists, Tape Face and Dinosaurs in the Wild. The Flying Music Group deal is another important step in our expansion into West End touring musicals and theatre. The huge experience of Paul [Walden] and Derek [Nicol] and the Flying Music Group makes it a strong, complementary partner. We’re looking forward to working together with DEAG to continue the Flying Music Group’s growth in the UK and worldwide.”
Paul Walden and Derek Nicol, both CEOs of the Flying Music Group, commented: “As an independent promoter, this is an exciting development for the Flying Music Group. As our company continues to grow, we´re excited to be entering into a new chapter with the combined international strength of Kilimanjaro Live and DEAG behind us. We have known and admired Stuart and his team for many years and are looking forward to working together in the future.”
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