Kilimanjaro acquires Flying Music Group
Berlin, August 21st, 2017 – DEAG Deutsche Entertainment AG (DEAG), Berlin, listed on the Prime Standard is acquiring a majority shareholding of British promoter Flying Music Group Holding Ltd. through its British subsidiary Kilimanjaro Holdings Ltd. In fiscal year 2016/2017, the Flying Music Group, which has been profitable since its inception, generated sales of around EUR 20 million. With the future sales contribution of the Flying Music Group, the DEAG Group’s sales in the UK are expected to increase to over EUR 100 million in 2018. DEAG is thus continuing its strategy of profitable growth in an international environment.
The Flying Music Group has successfully established itself as a tour, musical and theatrical production producer and promoter over the last 30 years. The Flying Music Group’s shows include the long-running West End hit “THRILLER – LIVE” celebrating the music of MICHAEL JACKSON (that has now played to over 3 million people), the Olivier Award nominated “The Rat Pack Live from Las Vegas,” and the stage adaptation of “The Kite Runner,” which is currently enjoying its second West End run with huge critical acclaim.
By acquiring a majority share in the British promoter, DEAG gives itself a more heterogeneous and wider range of events, making the UK-Group one of the leading promoters in the UK. With this diversified event portfolio, DEAG will generate significant sales potential as well as strategic options for the Group’s entire European business. With its event expertise, the Flying Music Group complements DEAG’s international portfolio of events and will allow the company to continue to grow, especially in the area of Family Entertainment but also in the areas of Musicals and Theatre. In addition to the positive effects for DEAG’s international Live Entertainment business, the Executive Board expects up to an additional 500,000 ticket sales for DEAG’s ticketing business in the UK (myticket.co.uk).
Detlef Kornett, the Executive Board member responsible for DEAG’s UK business, confirms DEAG’s trajectory in the UK: “The integration of the Flying Music Group into the DEAG Group is another fundamental step into our second home market in the UK. It sees us expand Kilimanjaro’s and our footprint as we continue to grow profitably. This transaction will also give us excellent opportunities for cooperation with outstanding productions in our core markets, across Europe and worldwide.”
Stuart Galbraith, CEO and Partner of Kilimanjaro Live, adds: “These are exciting times for DEAG and Kilimanjaro. Our core business of live music is continuously growing. We are expecting to have another record year in 2018