House of Blues holds on to subsidiary
After four months of considering suitors, House of Blues Entertainment has decided not to sell its concert subsidiary, House of Blues Concerts.
“We are constantly evaluating options to grow the House of Blues brand as quickly as possible,” said Greg Trojan, chief executive officer of House of Blues Entertainment. “We have concluded that retaining our concert business will generate more growth then selling it.
“I believe that the supply-and-demand dynamics of the concert industry bode well for our business going forward. The benefits of operating amphitheaters and club venues in a market outweigh the benefit of an accelerated club-only development strategy.”
In December, House of Blues retained the services of UBS, a global financial services firm, to assist in evaluating overtures made by potential acquirers.
HOB began its current expansion phase with the opening of a club in Cleveland late last year, the eighth House of Blues club in the United States. A club in San Diego will open next month.