Kygo’s Palm Tree Crew Buys Stake in Celebrity Live Events Producer Medium Rare as Investors Flock to Experiential Businesses (EXCLUSIVE)
Summary
Earlier this week, Texas-based comedy troupe Dude Perfect received a $100 million investment from Highmount Capital to build a family-friendly destination site in Frisco, Texas.Shear emphasized that the deal between Palm Tree Crew and Medium Rare came together organically as the companies realized the similarities in their business focus. Palm Trees equity investment will allow Medium Rare to expand and pursue more ambitious projects.What [Shear] has built with the Palm Tree eco-system will allow us to grow even quicker and faster, Richman said.The Medium Rare partners previously sold a 20% stake in the company to Authentic Brands Group, which is also in business with ONeal. (Palm Tree Crews mission, according to its website, is building a next-generation platform at the nexus of live entertainment, tropical lifestyle and flexible capital solutions. We view it as an early-stage investment in something thats just going to keep growing and growing.Medium Rare and Palm Tree Crew intend to partner to develop future events and business opportunities. Palm Tree Crews signature festival was held last year in eight cities including Aspen, Colo., Westhampton, N.Y., Dana Point, Calif. and Sydney, Australia.