Providence Equity Partners, the investment fund with a strong presence in Spain through its stake in MasOrange and its commercial rights partnership with Real Madrid, is finalizing the acquisition of SOM Produce. The transaction will be executed through its subsidiary ATG Entertainment and involves acquiring one of Spain’s leading theater production companies, with more than one million annual spectators, from current owners Beka Finance and the company’s original founders.
SOM Produce, led by Marcos Cámara formerly of Drive Entertainment has established itself as a top player in musical theater with acclaimed productions such as Chicago, The Book of Mormon, Mamma Mia, Matilda, and The Play That Goes Wrong, as well as touring shows like Grease and Carmina Burana.
The acquisition will be managed indirectly via Ambassador Theatre Group (ATG) Entertainment, a British company that Providence bought over a decade ago from Exponent Private Equity. When contacted, neither Providence nor Beka Finance commented on the transaction.
In recent years, SOM Produce has diversified through the launch of SOM Academy, a performing arts school offering programs such as Junior Academy, undergraduate and pre-college musical theater degrees, and professional workshops for aspiring artists. The company has also expanded into distribution, serving as the exclusive distributor of musicals like A tu lado throughout 2024.
SOM Produce manages four prominent theaters in Madrid: Teatro Rialto, Nuevo Teatro Alcalá, Teatro Calderón, and Teatro Nuevo Apolo, all with programming secured through at least 2027. This solidifies its position as a fully integrated cultural operator.
Financially, SOM closed in 2023 with a 13% revenue increase, reaching €70 million compared to €61.3 million the previous year. EBITDA also rose by 31%, hitting €10.4 million, according to the latest data available.
With this sale, Beka Asset Management exists a historic investment inherited from Gala Capital in 2021, when it took over 75% of the company. Gala entered SOM in 2019 with a €25 million investment through direct acquisition and a capital increase. Beka currently retains a 24.9% stake.
Other SOM shareholders also selling their stakes to Providence include Vertigo Tours and Madrid Bangkok, each holding 33.25%. The remaining shares are held in treasury stock.
Providence’s support will enable SOM to move forward with its inorganic growth strategy, focused on acquiring new theatrical venues to expand its market reach.
Since its founding, Providence has invested $35 billion in over 170 companies. Headquartered in Providence, Rhode Island, the firm also operates offices in New York, London, Boston, and Atlanta. In addition to its telecom and media portfolio, Providence has owned the Globeducate education network since 2017 and the Viva Gym fitness chain since 2023.
