Houlihan Lokey Advises The Second City

Houlihan Lokey is pleased to announce that The Second City has been acquired by ZMC. The Second City is the world’s premier brand in improvisation and sketch-based comedy entertainment and education. The transaction closed on February 18, 2021.

Since opening its doors over 60 years ago, The Second City has grown to become the world’s premier comedy brand, focused on the mission of entertaining, inspiring, and transforming through courageous comedy. Renowned for its legendary theaters in Chicago, Toronto, and Hollywood, alumni of The Second City’s stages, touring companies, theatrical production, and Emmy-winning iconic TV show SCTV include some of the biggest and most beloved names in entertainment, including Alan Arkin, Dan Aykroyd, John Belushi, Aidy Bryant, John Candy, Steve Carell, Stephen Colbert, Julia Louis-Dreyfus, Chris Farley, Tina Fey, Keegan-Michael Key, Eugene Levy, Jane Lynch, Jack McBrayer, Bill Murray, Mike Myers, Catherine O’Hara, Amy Poehler, Gilda Radner, Harold Ramis, Chris Redd, Joan Rivers, Sam Richardson, Amber Ruffin, Amy Sedaris, Martin Short, Jason Sudeikis, and Fred Willard. The Second City brings its unique approach to interactive entertainment and education through a multitude of in-person and digital programming, reaching tens of thousands of students of improvisational-based arts annually, as well as hundreds of Fortune 1000 companies. The comedic empire continues to push new boundaries across a variety of platforms, allowing audiences worldwide to experience The Second City’s wholly unique approach to laughter.

ZMC is a leading private equity firm comprised of experienced investors and executives that invests in and manages a diverse group of media and communications enterprises. Founded in 2001, ZMC’s investment philosophy centers on operational value creation driven by targeted investment themes, deep sector expertise, and strong partnerships with industry and operating executives. ZMC approaches its investments in collaboration with management teams and has a successful track record of actively adding value to portfolio companies.

Houlihan Lokey served as the exclusive financial advisor to The Second City and assisted in marketing, structuring, and negotiating the transaction on behalf of the company. This transaction further demonstrates Houlihan Lokey’s leading position in advising media, out-of-home, and digital entertainment companies around the world.