The ever acquisitive MAMA Group, owners of the Barfly network and Mean Fiddler venues, amongst other things, yesterday announced it had bought a 70% share of the Angel Music Group, that's the clubbing and festival promoter, not the EMI label division. The deal gives MAMA a majority stake in the Godskitchen, Global Gathering and Escape Into The Park brands, and various club venues, including Air in Birmingham.
Commenting on the purchase, MAMA bosses Adam Driscoll and Dean James told CMU: "We are delighted to be making this investment in the AMG Group, the operations of which perfectly complement those currently provided by MAMA. The AMG Group has a remarkable reputation for producing high quality music events which attract internationally acclaimed artists and for attracting blue chip customers to its creative services division. The acquisition presents a unique opportunity to increase the company's investment in the music festival market whilst also creating exciting opportunities to work with the shareholders and employees of the AMG Group to produce world class music events. We expect this investment to be revenue enhancing for MAMA in our current fiscal year and believe that there are significant opportunities for this investment to generate substantial additional value for MAMA in the coming years".