Venue development company Oak View Group is massively expanding its management portfolio with the acquisition of Spectra, one of the industry’s leading venue management and hospitality providers, which was made official Friday (Nov. 19). The deal was made in efforts to develop Oak View Group as a full-service live events company.
The acquisition agreement was initially announced Aug. 30, but the companies were awaiting regulatory approval from the Department of Justice. The transaction was approved on Monday and brings Spectra’s 330 clients across North America and the globe — including stadiums, arenas, convention centers, performing arts centers, fairgrounds, and casinos — into the newly merged company.
“Now that OVG’s acquisition of Spectra is complete, we can get down to the business of delivering an expanded highly competitive set of services that anticipate and meet the evolving needs of our global client base,” said OVG CEO Tim Leiweke in a statement. “We’ll begin the important process of fully integrating the talented team at Spectra and bringing together our two organizations to create something truly extraordinary in the live events and entertainment industry.”
As part of the proposed acquisition, the combined organization will serve current and future clients with a complete array of venue and hospitality services including booking, customized food and beverage experiences, sales and marketing support and more.
Integration of the two companies is expected to begin immediately with Chris Granger at the helm beginning Dec. 1 as the new CEO of OVG Facilities, a division of the Oak View Group focused on providing full-service venue management expertise, event programming, and now food and beverage solutions to arenas, stadiums and convention centers on a global basis.
“As the needs and uses of these venues continue to evolve, we will be there, with our clients, leading the way. We will respect the planet; we will mirror the diversity of the many communities in which we do business; and we will provide our fans and our clients with extraordinary service, indelible memories, and easy confidence in knowing that we can again, and forever, gather safely,” said Granger in a statement.
The deal comes at a time when OVG is busy leading arena redevelopment and operations of the recently opened Climate Pledge Arena at Seattle Center, as well as leading arena development projects including UBS Arena in Belmont Park, N.Y.; Moody Center in Austin; New Arena in Coachella Valley, Calif.; Co-op Live in Manchester, U.K.; as well as arena projects in São Paulo, Brazil, and Hamilton, Ontario.