ATG Entertainment Acquisition & Valuation
ATG Entertainment was acquired by MARI for $6.1B in August 2026, a 4.9x multiple on $1.2B of revenue.
ATG Entertainment revenue at acquisition
$1.2B
Last twelve months · Aug 2026
ATG Entertainment revenue multiple at acquisition
4.9x
EV/Revenue · Aug 2026
ATG Entertainment EBITDA multiple at acquisition
21.6x
EV/EBITDA · Aug 2026
About ATG Entertainment
ATG Entertainment is a live theatre company that owns, operates and programmes venues, produces and co-produces shows, and runs a ticketing business. It was formerly known as The Ambassador Theatre Group and was founded in the United Kingdom in 1992 by Howard Panter and Rosemary Squire. The group's venues stand in London's West End, UK regional cities, on Broadway, in other United States cities and in several German cities, and it entered Spain through the purchase of a Madrid theatre producer. Its ticketing platforms include ATG Tickets, LOVEtheatre and Group Line, which sell tickets for musicals, plays, concerts and comedy. The company earns money from ticket sales and booking fees, venue hire and hospitality, and from its share of show revenues as a producer and presenter. Its head office is in Woking, Surrey, with further offices in London, New York, Madrid and Germany. Growth has come through acquisitions of theatre owners, venue operators and touring presenters, backed by private equity owners.
Founded
1992
HQ
WokingWebsite
Status
Acquired
Customer focus
B2C
Revenue model
Product sales, Subscription
Revenue
$1.2B (Aug 2026)
Valuation
$6.1B (acquired Aug 2026)
ATG Entertainment Acquisition
ATG Entertainment was acquired by MARI for $6.1B on 11 August 2026.
The acquisition price implies a 4.9x revenue and 21.6x EBITDA multiple on $1.2B of revenue.
MARI agreed on August 11, 2026 to acquire ATG Entertainment from Providence Equity Partners in a transaction valued at about GBP 4.5 billion including debt, or roughly USD 6.0 billion. The deal is subject to regulatory approvals and customary closing conditions, and MARI and ATG will continue operating separately until closing. The strategic rationale is to combine MARI’s live events and experiences platform with ATG’s international theater footprint, giving MARI access to 70 venues across the U.K., U.S., Germany, and Spain, including Broadway and West End assets. ATG has been Providence’s majority-owned platform since 2013, with Blackstone becoming a minority owner in 2024. ATG Entertainment is one of the world’s largest live theatre groups and operates venues, production, and ticketing businesses. In FY24/25, ATG reported revenues of GBP 924.3 million and adjusted EBITDA of GBP 208.4 million, implying an enterprise value multiple of about 21.6x EBITDA based on the reported transaction value.
| Acquirer | Date | Type | Price | EV/Revenue | EV/EBITDA |
|---|---|---|---|---|---|
| 11 Aug 2026 | Strategic M&A | $6.1B | 4.9x | 21.6x |
Sources: marigrp.com
ATG Entertainment Funding History
ATG Entertainment has 2 recorded secondary share sales and no primary funding rounds.
| Date | Stage | Investors | Deal Summary |
|---|---|---|---|
| Jun 2024 | Secondary | Blackstone | Blackstone agreed in June 2024 to acquire a minority stake in the Ambassador Theatre Group, now ATG Entertainment, from the Australian live entertainment and ticketing company TEG. Sky News reported that the shareholding changing hands was between 10% and 15%. TEG had bought into ATG during the pandemic, and the sale transferred its holding to Blackstone while Providence Equity Partners, ATG's majority owner since 2013, kept control. The valuation of ATG in the transaction was not disclosed, and Blackstone and Providence declined to comment at the time. ATG owns, operates and programmes theatres across London's West End, UK regional cities, Broadway and other United States cities, and runs a ticketing platform and a production business. Press reports in 2026 describe Blackstone as a minority owner of ATG ahead of the later agreement to sell the group to MARI. |
| Sep 2020 | Secondary | TEG | TEG, the Australian live entertainment and ticketing company owned by Silver Lake, bought a minority stake in Ambassador Theatre Group (ATG), the UK theatre owner and operator, in September 2020, as first reported on 25 September 2020. Providence Equity Partners, which had owned a majority of ATG since 2013, sold the small minority stake to TEG and kept its majority holding. Financial terms were not disclosed by the parties. The investment was a minority add-on for TEG, backed by Silver Lake, and was made to help ATG navigate the downturn in demand for live entertainment during the COVID-19 pandemic, when British theatres were closed. According to later reporting, Providence had been preparing a wider minority stake sale in ATG, but that process coincided with the onset of COVID-19 and was replaced by the smaller sale to TEG. The deal gave TEG, which already ran ticketing, concert promotion and venue businesses in Australia, Asia and, through its 2019 acquisition of MJR Group, the UK, a position in one of the largest theatre groups in Britain. ATG owns and operates theatres and sells tickets for the productions staged in them. Its UK venues include the Ambassadors Theatre in London's West End, the Liverpool Empire and the Edinburgh Playhouse, and the group also operates theatres outside the UK. Providence had acquired its majority stake in ATG from Exponent in 2013, with Exponent retaining a minority interest at the time. |
Who has invested in ATG Entertainment?
2 investors have backed ATG Entertainment across its funding rounds, including Blackstone and TEG.
ATG Entertainment Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
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Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples
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Start Free TrialAcquisitions by ATG Entertainment
ATG Entertainment has acquired 7 companies to date.
Last acquisition by ATG Entertainment was on January 8th 2025. ATG Entertainment acquired SOM Produce for undisclosed valuation.
Latest Acquisitions by ATG Entertainment
| Description | SOM Produce is a Los Angeles-based entertainment production company specializing in theatrical and musical events. The firm delivers full-service production for stage shows, including set design, lighting, sound engineering, and talent booking. Past projects encompass Broadway-style musicals and live concert tours across North America. SOM Produce handles logistics for touring productions and collaborates with venues like the Ahmanson Theatre. | Celebrity Attractions is a Lenexa, Kansas producer of national tours for Broadway musicals and plays. It manages advertising, ticket sales, and venue bookings for productions like Hamilton and The Lion King across U.S. theaters. | Jujamcyn Theaters is a Broadway theatre owner and production company based in New York City. It owns five Broadway houses, the St. James, the Al Hirschfeld, the August Wilson, the Eugene O'Neill and the Walter Kerr theatres. Besides leasing its theatres to producers, it develops and produces shows and has a record of championing new musicals and plays. The company was led for many years by its president Jordan Roth, who became the largest individual shareholder of the combined ATG group. It earns money from theatre rentals, ticketing and concessions, and from its interests in the productions it presents. Its audience is Broadway theatregoers and its customers are commercial and non-profit producers who need a house in the Theatre District of Manhattan. | ACE Theatrical Group LLC is a Los Angeles-headquartered company specializing in theatrical management and development. It oversees production, licensing, and operation of live entertainment venues and shows across the United States. The firm manages properties like the El Portal Theatre and produces family-oriented musicals, including adaptations of classic tales for Broadway-style performances. | |
| HQ Country |  |  | | | |
| HQ City | Madrid | Tulsa, OK | New York | New York City, NY | |
| Deal Date | 8 Jan 2025 | 17 Dec 2024 | 1 Feb 2023 | 1 Sep 2015 | |
| Valuation | undisclosed | undisclosed | undisclosed | undisclosed | |
| EV/Revenue | |||||
| EV/EBITDA | |||||
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ATG Entertainment Competitors
ATG Entertainment competitors include listed companies like Topicus and ThunderSoft, and private ones like Hong Jing Drive, Tekion, The Telepass Group and Applied Intuition.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
 Netherlands | Publicly listed | $1.7B | $383M | $6.3B | 3.5x | |
 Hangzhou | Private | - | - | $4.3B | - | |
| San Francisco, CA | Private | - | - | $4B | - | |
| China | Publicly listed | $1.2B | $152M | $3.8B | 2.4x | |
 Rome | Private | - | - | $2.5B | - | |
| Mountain View, CA | Private | $415M | - | $15B | 36.1x |
ATG Entertainment Public Comps
ATG Entertainment is no longer listed, but its public comps include Mobility Global, Topicus, ThunderSoft, KPIT Technologies, Suzhou Lvkon Transmission, WeRide, Zwsoft, Nasn Intelligent Tech, Vitec Software and Pateo Connect Technology.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $1.8B | $637M | 4.6x | - | 12.7x | - | |||
| $1.7B | $383M | 4.0x | 3.5x | 18.2x | 12.2x | |||
| $1.2B | $152M | 2.9x | 2.4x | 22.4x | 19.1x | |||
| $686M | $131M | 2.2x | 2.2x | 11.6x | 11.4x | |||
| $503M | $41M | 3.1x | - | 37.9x | - | |||
| $103M | ($259M) | 6.1x | 4.2x | (2.4x) | (2.7x) | |||
| $134M | $12M | 7.3x | 6.7x | 79.1x | 42.3x | |||
| $92M | ($24M) | 12.9x | - | (48.8x) | - | |||
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Common questions about ATG Entertainment
| When was ATG Entertainment founded? | ATG Entertainment was founded in 1992. |
| Where is ATG Entertainment headquartered? | ATG Entertainment is headquartered in Woking, United Kingdom. |
| Is ATG Entertainment publicly listed? | No, ATG Entertainment was acquired by MARI in August 2026. |
| Who acquired ATG Entertainment? | ATG Entertainment was acquired by MARI in August 2026. |
| How much was ATG Entertainment acquired for? | ATG Entertainment was acquired for $6.1B in August 2026, a 4.9x revenue multiple. |
| Who are ATG Entertainment's investors? | ATG Entertainment's investors include Blackstone and TEG. |
| Which companies are comparable to ATG Entertainment? | Companies comparable to ATG Entertainment include Topicus, Hong Jing Drive, Tekion, ThunderSoft, The Telepass Group and Applied Intuition. |
| How many companies has ATG Entertainment acquired? | ATG Entertainment has acquired 7 companies, including SOM Produce, Celebrity Attractions, Jujamcyn Theaters, ACE Theatrical Group LLC and BB Group. |
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