Exponent Private Equity has sold its majority stake in The Ambassador Theatre Group (ATG) to American buyer Providence Equity Partners.

Media, communications, education and information-geared private equity firm Providence has acquired the shareholding for an amount which will remain undisclosed.

Through the deal, Exponent will hold on to a minority stake in ATG – having been involved with the business since 2009 when it bought Live Nation’s UK theatres.

ATG’s recent productions have included Macbeth with Hollywood actor James McAvoy and the Passion Play with Zoë Wanamaker.

The business, chaired by former BBC director general Greg Dyke, will continue to be led by ATG joint CEOs and co-founders Howard Panter and Rosemary Squire, who both say, ‘This new partnership cements the foundations for the company’s planned future growth.

‘Providence’s extensive global reach and its existing investments in media, digital and live entertainment companies around the world offer an unparalleled opportunity for ATG to realise its international ambitions.’

ATG’s international ambitions have already resulted in the acquisition of Foxwoods Theatre, the largest theatre on Broadway in New York.

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Andrew Tisdale, managing director at Providence, comments, ‘We have been very impressed by the management of ATG who have built a terrific company over more than 20 years.

‘ATG is well-known for the quality of its theatrical and musical content and venues and we look forward to working closely with Howard, Rosemary and their senior management team.’

Financial assistance in the deal for Providence also came from Ingenious Corporate Finance as well as Weil, Gotshal & Manges.