David Ian has sold a majority stake in his production company to an American private equity firm, in a bid to further expand his musical theatre output internationally.
Raven Capital Management, which is based in New York, has acquired a majority stake in David Ian Productions for an undisclosed sum.
Working across both production and general management, David Ian Productions was founded by Ian in 2006, with recent projects including UK and International tours of Annie, The Bodyguard and Chicago.
The company is also a producer on Magic Mike Live and the forthcoming Broadway production of Tootsie, with long-time producing partner Michael Harrison.
Ian, who will remain chief executive of the company, said: “I could not be more enthusiastic about my new partnership with Raven and its principles. They share my vision about the exciting opportunity to expand the footprint of musical theatre worldwide over the next decade.”
The acquisition sees the founding of a new joint venture between the two parties, with Raven expressing interest in investing in additional touring rights for both new and established musicals.
Raven will also consider creating new production and touring offices in certain international areas to support productions by Ian’s company and others.
Raven said it viewed the theatrical space as “an additional and lasting hallmark of its entertainment and media investment thesis”, and said it would continue to invest in theatre content and international expansion.
Jeremy Tucker, co-founder and principal of Raven, said: “The live theatrical sector has been enjoying a renaissance over the past several years, which we believe has its greatest trajectory still ahead. We are providing meaningful capital to David Ian Productions for both organic growth and acquisitions across the industry.”
Raven’s other recent acquisitions include the film production companies Open Road Films and Exclusive Media.