Private equity firm Providence Equity Partners has made a majority investment in logistics company GCL, the companies announced Wednesday (May 21). Previous majority owner ATL Partners will retain a minority stake in GCL. Terms of the deal were not announced, but The Wall Street Journal reported the investment values GCL at more than $1 billion.
Unknown to most music fans, GCL has a long history in supporting music and live events through such brands as Rock-it-Cargo, DIETL and CARS. The company began in 1978 supporting Led Zeppelin and Uriah Heep. More recently, GCL has worked with Taylor Swift’s The Eras Tour and FIFA World Cup 2026. Stew Heathcote, GCL’s president of live events, is a former AEG executive who worked with Taylor Swift and Coachella. GCL also has a luxury goods division that works with auctions, art shows and exhibitions to transport everything from fine art to expensive automobiles.
Providence has invested over $40 billion since its founding in 1989. Its vast portfolio includes sports and music agency Wasserman and Tempo Music, a music rights investment partnership with Warner Music Group. Last year, Providence sold Superstruct, a live entertainment company that owns such festivals as Wacken Open Air and Sonar, to global investment firm KKR.
“For nearly 50 years, GCL has earned the trust of the world’s biggest names in the live events sector and established a leading position in all of the end markets it serves,” Scott Marimow, managing director at Providence, said in a statement. “We have a deep appreciation for and understanding of the business, especially given our long history of investing in entertainment and sports.”
“Providence’s commitment validates our customer focus and growth strategy and will expand our capabilities further in the years ahead,” said GCL president and CEO Daniel Rosenthal. “The Providence team’s proven track record and depth of relationships in our end markets make them the ideal partner for the next chapter of serving our customers.”
This story originally appeared on Billboard
