AEG Live and Transom Capital Group Announce Merger of BandMerch and Cinder Block to Create Largest Independent Merchandising Company in United States
LOS ANGELES, March 3, 2014 /PRNewswire/ -- AEG Live and Transom Capital Group announced today that it will merge their entertainment licensing and merchandising businesses, BandMerch and Cinder Block, into a standalone entity creating the largest, full-service independent entertainment merchandising company in the United States. The combined company will be home to the largest names in sports and music entertainment including: The Who, Manchester United, Black Veil Brides, Asking Alexandria, Arsenal, Rise Against, All Time Low, Coheed and Cambria, Death Cab for Cutie, Misfits, Postal Service, The National, Flogging Molly and several others. The company will continue as BandMerch and operate from its facility located in Los Angeles, CA. The new entity will maintain a strategic relationship with AEG Live.
"We're extremely excited about this transaction as it pairs two like-minded companies who are focused on bringing the highest level of customer service to our clients," said Joseph Bongiovi, President of the merged companies. "I believe that this combination puts us in a unique place in the market relative to our less sophisticated competitors and, for clients who want a hands-on, full service merchandising strategy, I think we will be the only place to call home."
Jason Greene, CEO of Cinder Block, will continue in this capacity at the combined entity. Commenting on the opportunities the merger presents, Mr. Greene said, "What we're seeing is that clients want a real, multi-channel sales strategy that brings incremental value to the table. The combination of Cinder Block and BandMerch positions us as the leading alternative for artists who are seeking a high-touch, high-service, high-quality experience from their merchandise partner. With our stellar set of resources we will continue to outwork, out-compete and over-deliver on results, providing a superior artistic and operational experience for our artists and their management. After this merger we will boast the single largest mid-tier retail roster in the world, a global touring footprint and leading-edge e-commerce capabilities. The future is bright."
"The business rationale makes perfect sense and the values of BandMerch – customer service, loyalty, dedication – are values that AEG shares and promotes. We think this will be a transformational transaction for both companies," said Rick Webking, CFO of AEG Live.
Terms of the transaction were not disclosed.
About AEG Live
AEG Live, the live-entertainment division of Los Angeles-based AEG, is dedicated to all aspects of live contemporary music performance. AEG Live is comprised of touring, festival, exhibition, broadcast, merchandise and special event divisions, fifteen regional offices and owns, operates or exclusively books thirty-five state-of-the-art venues. The current and recent concert tour roster includes artists such as Taylor Swift, The Black Eyed Peas, Bon Jovi, Usher, Carrie Underwood, Daughtry, Justin Bieber, Leonard Cohen, Wisin & Yandel, Kenny Chesney, P!nk and Paul McCartney. AEG Live is also the largest producer of music festivals in North America from the critically acclaimed Coachella Music & Arts Festival to Stagecoach and New Orleans Jazz & Heritage Festival. www.aeglive.com
About Transom Capital Group
Transom Capital Group is a Los Angeles-based private equity firm with an operational focus to private equity investing in the middle-market. The Transom Capital team has a proven track record of investing in, restructuring, and growing businesses for the long-term. Key to its success is its unique approach of heavy operational involvement, collaboration with management teams and strategic support provided to each portfolio company. Transom Capital's unique team of professionals brings the experience, energy, and expertise to maximize the value-added to each company. Visit the company at www.transomcapital.com.
SOURCE Transom Capital Group and AEG Live