tvg hospitality, Founded by Ben Lovett, Announces Closing of $50Million Initial Financing Round

22 February 2022 - Press release

tvg hospitality, founded by Ben Lovett of Mumford & Sons, today announced the closing of $50 million in new funding to expand its team and venue portfolio in the United Kingdom and across the United States. 

tvg is a leading creator, developer and operator of world class music venues and hospitality offerings. Founded by Ben Lovett, along with his brother Greg Lovett, former finance director at Soho House, tvg currently operates three venues in London with multiple venues under development in the United States, including the Orion Amphitheater in Huntsville, Alabama, opening in May 2022. 

"Our passion at tvg, our defining character, is a deep-rooted belief in the value of communal spaces, gathering places where we can be reminded of our common ground and all that makes us human. Music is the ultimate leveller—somewhere between melody and lyric is a truth that calls us away from our phones and out of our living rooms to stand together and sing together," said founder Ben Lovett, "The plans we have in mind are rooted in elevating these experiences surrounding live music." Lovett continued, "I am incredibly grateful for the investments from so many of our industry leaders. It furthers cements our belief that our new thinking is going to be game changing for artists, fans and communities alike."

The financing was led by Nat Zilkha and Gibson Brands, with strong and diverse participation from the music industry including from C3 Presents, Irving Azoff and Oak View Group, Mike Luba and Don Sullivan, Justin Kalifowitz and Andrew Bergman, Coran Capshaw, Ron Laffitte, Lucy Dickins, Adam Tudhope and Tom Windish, and musicians Ryan Tedder, Maggie Rogers and Ted Dwane. 

Funding was also provided by leading entrepreneurs and hospitality industry leaders including Jen Rubio and Stewart Butterfield, Joe Gebbia, Olga Segura, Tom Kartsotis, Samantha Marquart, Brent Montgomery, Ann Berry, Bippy Siegal, and Dani Ricciardo, as well as world renowned investors including, LionTree, Goldman Sachs, John Howard, Pete Muller and multiple partners from KKR. 

"We are thrilled to be working with tvg on this next chapter of their venues." says Irving Azoff, Chairman/CEO, The Azoff Company and co-founder, Oak View Group. "Ben and his team are approaching the venue space in exactly the right way—you have to put the artist and the fan at the centre of every thought process. That's the key and tvg are both artists and fans whilst also knowing a thing or two about hospitality. We hope to support them on their mission in any way we can."

tvg is creating the next generation of music venues alongside elevated hospitality offerings in order to enhance the artist and fan experience and create gathering spaces to be enjoyed as true community assets. tvg's model challenges the traditional approach where venues open their doors a few nights a week, welcome audiences to witness a show on stage and then lose their customers as soon as the show ends.

"Music venues have been an underinvested asset class for years and tvg is bringing to life a much-needed supply of world-class venues." said Nat Zilkha, Board Member of tvg, "Rather than attempting to compete in a mature music industry with entrenched players, tvg has created a way to partner with the industry and build for the future."

tvg's current portfolio includes legendary London music venues, Omeara, Lafayette and the Social, and the broader hospitality offerings at Flat Iron Square and Goods Way. tvg has also partnered with the City of Huntsville, Alabama on the 8000-cap Orion Amphitheater to be opened in May of 2022. tvg will manage the amphitheater and the in-bowl concessions, as well as operate a food village next to the amphitheater and another venue located in downtown Huntsville called Meridian Social Club at The Lumberyard opening this summer. tvg is also in development on numerous other projects across the US and UK, including in Washington DC, London, Nashville, Austin, Detroit, New York and Los Angeles.

Mike Luba, longtime partner and new investor adds, "For more than a decade Don and I have been on all sorts of adventures with Ben and the band, so when Ben wanted to try and figure out how to build a new Amphitheater in Huntsville, of course we were game. What is happening at tvg across multiple venues is incredibly exciting and there is so much good that this crew of folks will accomplish together."

In connection with the financing, tvg has also expanded its leadership team to include leading professionals from the music, hospitality, people and culture and real estate development industries. 

In addition to their long-standing leadership group which includes Ben and Greg's father, David Lovett, co-founder and former vice chairman of Alix Partners in Europe, who acts as Chairman for the company, and Graham Brown, the Chief Development Officer, tvg has added Jesse Mann (formerly SVP, Strategy and Operations, AC Entertainment/Live Nation), Dan Pine (formerly managing director at Marathon Asset Management and development partner to the Related Companies), and Lisa Seelinger (formerly head of People for Bergdorf Goodman and Maybourne Hotel Group). 

"We have purposefully built a leadership team with extensive experience across music, hospitality, real estate and finance. We are building our company like we create our venues, with intention, so that our assets and tvg become valuable and sustainable parts of each of the communities in which we operate," said David Lovett.

For more tvg information: https://tvghospitality.com