Bridgepoint exits theatres

Andrew Lloyd Webber is buying the 50% share of Really Useful Theatres owned by Bridgepoint, for an undisclosed sum. Bridgepoint (at the time NatWest Equity Partners) and The Really Useful Theatre Group (Andrew Lloyd Weber’s production and management company) acquired Stoll Moss Theatres in January 2000 for 87.5m, which included 10 West End theatres and its ticketing operations.

In July this year Bridgepoint sold its stake in the four playhouse theatres in the Really Useful Theatre portfolio, the Apollo, the Duchess, the Lyric and the Garrick, to Nica Burns and US entrepreneur and producer Max Weitzenhoffer for an undisclosed amount.

Following the transaction, Andrew Lloyd Webber will become owner of the following theatres: London Palladium; Theatre Royal, Drury Lane; Adelphi Theatre (in association with Nederlander International Ltd.); Palace Theatre; Her Majesty’s Theatre; Cambridge Theatre; New London Theatre and the Gielgud Theatre. He will also acquire See Tickets, which, based in Nottingham and London, is the ticketing arm of Really Useful Theatres and one of the largest concert and festival ticketing companies in Britain.

Advisers involved in this transaction included: for Bridgepoint; LongAcre Partners (corporate finance), Travers Smith (legal); for Really Useful Group; Ashurst (legal) and Ingenious Media (corporate finance).