(Bloomberg) -- The private equity business of Goldman Sachs Alternatives is buying a majority stake in TAIT, the engineering firm that designed the stage for Taylor Swift’s Eras Tour.
The alternative investment platform of Goldman Sachs Asset Management has struck a deal to acquire a majority stake from affiliates of Providence Equity Partners, TAIT said in a statement. The financial terms of the transaction weren’t disclosed.
Bloomberg News previously reported that TAIT was exploring a sale that could value the company at $1.3 billion.
TAIT said its management team will continue to lead the company and remain significant shareholders.
The company, which designs and builds sets for live events, has worked on Rihanna’s Super Bowl Halftime Show, Beyoncé’s Renaissance World Tour in 2023 and Swift’s Reputation Tour in 2018, according to its website.
Evercore Inc. and Jefferies Financial Group Inc. served as TAIT’s financial advisers, while Goldman Sachs Alternatives was advised by PJT Partners Inc. and another unit of Goldman Sachs Group Inc.
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