Building management firm Spectra has been sold to Atarios, Amplify has learned, as part of an intracompany transfer that moves the firm from Comcast-Spectacor to a private equity firm created in early 2016 by former Comcast CFO Michael Angelakis with $4 billion in capital investment from Comcast.
The deal — which doesn’t include the Wells Fargo Center or the Philadelphia Flyers — moves the bulk of Spectra’s management business over to the same firm that backed Learfield’s purchase of Paciolan last year. The Spectra deal is technically a transfer of one of cable giant Comcast’s assets from one part of the company to a different business unit. Company officials say the deal closed at the end of March.
The company formerly known as Global Spectrum changed its name to Spectra in 2015 and has been reorganizing its business operations and streamlining operations as of late. It ended its touring business last year, parting ways with Brock Jones, while downsizing for what many believed would be an upcoming sale.
Spectra manages arenas, theaters and convention centers across North America and was formed by Flyers founder Ed Snider, who passed away in 2016. The company also operates a food and beverage business that started as Ovations by concessionaire Ken Young, which will be included in the sale. Spectra is overseen by former Delaware North executive John Wentzell.