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Wednesday, May 22, 2024

BDA guides Advantage Partners in the sale of Wavedash to Vivid Seats

BDA Partners Facilitates Sale of Wavedash to Vivid Seats Inc

BDA Partners is thrilled to share that the funds advised by its client, Advantage Partners, have reached an agreement to sell WD Holdings Co Ltd, the holding company of Wavedash Co Ltd (“Wavedash”), to Vivid Seats Inc (NASDAQ: SEAT). The transaction is anticipated to close in Q3 2023, pending regulatory requirements and other customary closing conditions.

Headquartered in Tokyo, Wavedash is the largest and longest-serving secondary ticketing marketplace for live events in Japan. On the other hand, Vivid Seats, based in Chicago, is a leading marketplace utilizing its technology platform to connect millions of buyers with thousands of ticket sellers across hundreds of thousands of events annually.

Stan Chia, CEO of Vivid Seats, expressed excitement about the acquisition, stating that Wavedash offers not only a strategically exciting but also financially accretive opportunity for Vivid Seats. He highlighted Wavedash’s position as the market leader in the Japanese secondary ticketing market, with a large and growing customer network supported by robust technology and compliance capabilities. Chia also emphasized plans to grow their total addressable market (TAM) by expanding internationally with this acquisition.

Jeff Acton, Partner and Head of Technology at BDA, also shared his satisfaction with the acquisition, stating that BDA is pleased to have facilitated the partnership between Wavedash and Vivid Seats, unifying the two leading marketplaces for secondary tickets in Japan and the US. He also noted the increasing global interest in acquiring Japanese companies in the tech sector and expects this trend to continue. Acton further emphasized BDA’s capabilities in successfully delivering cross-border M&A solutions to private equity funds in Japan.

BDA acted as the exclusive financial advisor, with TMI Associates as legal counsel to Advantage Partners. Legal counsel to Vivid Seats was provided by Simmons & Simmons and Nishimura & Asahi.

In addition, the BDA Deal team included Jeff Acton, Brian Lee, Hikaru Murase, Mai Truong, and Junya Aizawa, all based in Tokyo.

About BDA Partners
BDA Partners is a global investment banking advisor for Asia, with over 25 years of experience advising on cross-border M&A, capital raising, and financial restructuring. The firm provides global reach through its teams in New York and London, complemented by regional depth through its seven Asian offices. BDA Partners specializes in the Chemicals, Consumer & Retail, Health, Industrials, Services, and Technology sectors, striving to deliver insightful advice and outstanding outcomes to clients.

BDA Partners also has strategic partnerships with William Blair, a premier global investment banking business, and with DBJ (Development Bank of Japan).

About Advantage Partners
Advantage Partners is a private equity firm based in Tokyo, specializing in various types of investment transactions, including buyouts, carve-outs, turnarounds, and privatisations. The fund, established in 1997, has advised funds that have invested over JPY 500bn across over 100 investments. The company also has offices in China, Hong Kong, and Singapore, as well as a dedicated renewables and sustainability special purpose acquisition company listed on the New York Stock Exchange (NYSE: APCA).

About Vivid Seats Inc.
Vivid Seats Inc. operates as an online secondary marketplace for tickets in the United States and Canada. The company acts as an intermediary between event ticket buyers and sellers, processing ticket sales for various live events. Founded in 2001 and headquartered in Chicago, Illinois, the company has become a leading player in the secondary ticketing market.

This acquisition marks an exciting development in the ever-evolving landscape of the secondary ticketing industry, offering great promise for both Wavedash and Vivid Seats.

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