UK's Exponent mulls sale of Ambassador Theatre Group -Sky News

June 11 Tue Jun 11, 2013 2:51pm EDT

June 11 (Reuters) - Buyout firm Exponent Private Equity is planning to sell its controlling stake in British theater company Ambassador Theatre Group, Sky News reported, citing sources familiar with the matter.

Exponent is in talks with investment bankers about the potential sale of its majority stake in Ambassador, which it bought for 134 million pounds ($209 million) in November 2009, the broadcaster reported on its website.

Exponent is expected to appoint advisers for the sale in September, and a deal could take place as soon as the first quarter of 2014, Sky said.

Ambassador's 39 venues in Britain include the historical Lyceum, Duke of York's and Apollo Victoria theatres - home to productions of "Wicked," "The Lion King," "Madame Butterfly," and J. M. Barrie's "Peter Pan," when it debuted in 1904. The company in May bought New York's Foxwoods Theatre for about $65 million.

Exponent was not immediately available to comment.

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