Knitting Factory Entertainment has finalized a deal to acquire a majority interest in regional concert promoter Bravo Entertainment. Bravo, based in Boise, Idaho, books and promotes concerts in 19 sta
Knitting Factory Entertainment has finalized a deal to acquire a majority interest in regional concert promoter Bravo Entertainment. Bravo, based in Boise, Idaho, books and promotes concerts in 19 states, and owns the Big Easy Concert House venues in Boise, and Spokane, Wash.
KFE CEO Jared Hoffman tells Billboard.biz that his company has been looking for an opportunity to expand its footprint. “We’ve certainly been trying to figure out how we can grow our national platform,” he says. “We love their strategy of bringing bands in the 1,000-2,000 seat range to markets that simply don’t have those facilities.”
Hoffman says Bravo will keep operating out of Boise under the leadership of founder and president Paul Thornton. The move means KFE, which currently operates Knittting Factory venues in New York and Los Angeles, will be more aggressive on the venue front. “We plan to open several new venues a year under Paul’s leadership,” says Hoffman. “We hope to make an announcement with regard to target markets within this quarter. Negotiations are under way at this point in time.”
The deal provides Bravo a cash infusion that will allow them to be more active “both on the venue side and the concert touring and promotion side,” says Hoffman. No dollar figure for the transaction was given.
“It is a majority acquisition of a very financial strong company generating significant cash flow,” says Hoffman. “Bravo has been one of the few companies in a very challenging industry to have such phenomenal growth and phenomenal results.”