Livingstone is pleased to announce the sale of Aztec/Shaffer, LLC (collectively “Aztec/Shaffer” or the “Company” and individually, Aztec Events & Tents (“Aztec”) and Shaffer Sports & Events (“Shaffer”)) to a consortium of co-bidders, Arena Events Group plc (“Arena”), Summit Investment Management LLC (“Summit”), and certain affiliates of American General Life Insurance Company (“AIG”).
The sale was consummated pursuant to §363 of Chapter 11 of the United States Bankruptcy Code. Livingstone acted as the exclusive financial advisor to Aztec/Shaffer.
Aztec/Shaffer is a leading platform in the highly fragmented U.S. event services industry, providing services through two operating entities, Shaffer and Aztec. Aztec/Shaffer complements Arena’s North American subsidiaries, Arena Event Services, Inc. (“AES”) and Arena Stuart Rentals, Inc. (“ASR”).
Shaffer is the leading event rental company in the North American professional golf events. Historically, Shaffer has held the largest market share (~40%) amongst PGA Tour event infrastructure providers. In addition to professional golf events, Shaffer provides structures and tents to other sporting and non-sporting events, including The Breeders Cup and Circuit of Americas (F-1 and NASCAR).
Aztec is the premier party and event rental specialist in the Greater Houston Area, providing an array of tents and party equipment for corporate events, private parties, and life events, such as weddings, birthdays, and religious celebrations. Aztec has a diverse customer and event base. In addition to family and corporate events, Aztec serves some of the largest events in and around Greater Houston, including the Houston Livestock Show & Rodeo and Texas MS 150 Bike Ride.
“With COVID-19 wreaking havoc on the entire live event industry, we are pleased to deliver a market-clearing outcome for the Company’s stakeholders,” commented Joseph Greenwood, Special Situations Partner at Livingstone.
“The addition of the talented and highly-respected Aztec/Shaffer team enhances Arena’s service offering in North America while reinforcing its position as the global market leader in large event equipment rental services,” added Robert Tymowski, Managing Director at Livingstone.
Arena is a turnkey event solutions provider, supplying temporary physical structures, seating, exhibition services, refrigeration, fencing & barriers, ice rinks, furniture, and interiors for some of the most prestigious events across Europe, Middle East & Asia, and the Americas. Arena services major sporting, outdoor, and leisure events, providing a managed solution from concept and design through to the construction and integration of final structures and interiors.
This transaction represents another successful outcome for Livingstone’s Special Situations practice, which has extensive experience advising middle-market companies through M&A, financing, and balance sheet restructuring transactions during periods of underperformance, distress, and insolvency.