The global development service and investment company will purchase the group from LGT Private Debt with the aim of elevating the experience for fans at venues around the world.
The current management team, led by chief executive PB Jacobse, will help drive forward OVG’s plans to transform the food and beverage experience at sites.
In the UK, Oak View Group, with the support of Rhubarb, will operate Co-op Live, the UK’s largest arena which is currently being developed in Manchester by OVG in partnership with City Football Group. RHC will help deliver Co-op Live’s commitments to sustainability and local sourcing.
RHC, which has been running for more than 25 years, operators iconic venues in London, New York and Berlin, including Sky Garden and the Royal Albert Hall in England’s capital city.
The company is forecasted to deliver nine-figure revenues in 2023, and its team of 2,000 caters for more than 5m people every year.
OVG chief executive and chairman Tim Leiweke said: “This acquisition, along with other companies we acquired over the last two years, gives us a platform that we think rivals or is better than any other food and beverage company out there.
“We feel strongly about this because we are facility owners and operators, and we see food and beverage differently than people who are simply just third-party vendors.
“If you look at the arenas we own and operate and you look at our upcoming ventures, like Co-op Live, by adding Rhubarb we think we are now best-in-class on premium experience and hospitality and that is in large part because of our knowledge and experiences as arena owners and operators, not just food and beverage vendors.
“We’ve always believed that fans deserve the very best, from their experience getting to and from an arena to the best possible presentation of the show they’ve chosen to see, to the food and drink they buy. It has been clear from our first meeting that the Rhubarb team shares both our vision to elevate the fan experience, as well as our focus on quality, sustainability, and the importance of a great company culture.
“Rhubarb and OVG are the perfect partners to design and deliver the world’s best hospitality at venues around the world.”
The company was founded by Leiweke and Irving Azoff in 2015. OVG has billions in capital deployed across nine projects globally, five of which are now open and operational.
Co-op Live in Manchester will be the sixth when it opens, followed by Sao Paolo, Las Vegas and Cardiff.
RHC chief executive Pieter-Bas Jacobse said: “This is an incredibly meaningful partnership for Rhubarb, and we are thrilled to partner with OVG.
“We have known the team for many years, they understand our business model, and we all see best-in-class hospitality as essential to the value proposition between venues and their fans.
“Together, we are determined to redefine what it means to deliver a truly exceptional and unforgettable experience in our industry.”