Blacks Solicitors advise Production Park on sale of subsidiaries
Law firm Blacks Solicitors LLP has advised Wakefield-based live events campus Production Park on the sale of subsidiary Brilliant Stages to US live technology firm TAIT.
Home to over 20 live event businesses, two studios and 200 students, Production Park in South Kirby, Wakefield, is a world-leader in the live events industry. The sale of the two subsidiaries reinforces Production Park as a global centre for excellence and innovation hub for music technology and live entertainment.
The acquisition of Brilliant Stages Limited and LS-Live Limited by TAIT International Limited, the UK subsidiary of TAIT Towers, brings together over four decades of live event expertise including advanced staging technologies, entertainment structures and live event solutions.
The team at Blacks was chosen due to their longstanding relationship with Production Park. Over the past five years the law firm has provided legal support on various matters including business acquisitions, employment law and HR matters, and intellectual property law.
The deal involved a cross border aspect with a US Private Equity backed buyer, and was completed in eight weeks despite the multiple time zones.
Dave Paterson, a Partner in the Corporate and Commercial team at Blacks who oversaw the sale, commented: “Supporting our longstanding clients and offering advice for deals like this is a fantastic and rewarding experience. Everyone involved at Blacks is extremely proud of the successful outcome. The teams at Production Park and its subsidiaries have established themselves as world leaders in entertainment technology projects and the acquisition will pave the way to even greater success for everyone involved.”
Lee Brooks, Co-Founder of Production Park, added: “We are delighted with the outcome of the recent acquisition of Brilliant Stages by TAIT which will bring not only inward investment but also global opportunities to Production Park. The service and support given by Blacks was instrumental in agreeing this partnership and bringing it to a close in a very timely manner. We look forward to an exciting future at Production Park and to continuing our close working relationship with Blacks.”
Blacks Solicitors also worked closely with Nathan Potton, Giles Taylor and Joanne Barbour of Professional Services firm KPMG for tax and corporate finance advice, and Tom Sikora of HSBC.