Nazca Capital buys majority stake in Madrid Artes Digitales

Nazca Capital has acquired a majority stake in Madrid Artes Digitales, the immersive cultural experiences business known as MAD, through its Nazca Opportunities strategy. The Nazca Capital Madrid Artes Digitales transaction gives the Spanish private equity firm control of a company whose proprietary productions have sold more than 5 million tickets worldwide, according to a press statement cited by PE Hub.

No financial terms were disclosed. MAD creates, produces, licenses and operates immersive exhibitions that combine digital projection, virtual reality and interactive installations for cultural and entertainment venues.

Stardust International and Inmersivas Digitales will continue as significant minority shareholders, according to the statement. MAD’s current management team will remain in charge of the business, while Layers of Reality will keep working with MAD as an international licensing partner.

What does Madrid Artes Digitales do?

Madrid Artes Digitales develops ticketed cultural productions that use technology to turn historical, artistic and narrative themes into immersive visitor experiences. Its formats include 360-degree projection mapping, virtual reality, location-based VR, augmented reality, holographic content, scenic installations and other interactive digital tools.

The company was founded in 2021. Its productions include Tutankhamun: The Immersive Exhibition, The Last Days of Pompeii, The Legend of the Titanic and Cleopatra: The Immersive Exhibition, according to the statement.

MAD’s exhibitions have received several industry awards, including Telly and Eventex Awards, as well as National Geographic Spain’s Best Historical Exhibition Award, according to the same statement. The company is due to premiere La Odisea (The Odyssey: The Immersive Journey) at Matadero Madrid in September.

How the investment is expected to support MAD

Nazca plans to support MAD in three areas: creating more proprietary productions, expanding the company’s international licensing network and adding permanent venues on a selective basis, according to the statement.

In this type of model, proprietary content can be reused across different locations or licensed to partners, allowing an exhibition producer to reach audiences beyond its home market. A majority-stake investment gives the new backer control of the company while allowing existing investors and managers to remain involved through minority ownership and operating roles.

The deal places MAD within Nazca’s Opportunities strategy, which PE Hub identified as the vehicle used for the acquisition. The release did not specify the size of the stake, the enterprise value, the financing mix or any timetable for venue expansion.

For the wider entertainment sector, the transaction adds another private equity-backed platform to the market for location-based digital experiences. That market sits between live entertainment, museums and touring exhibitions, with revenue tied to ticket sales, licensing and venue operations.

This story draws on original reporting from PE Hub.