By: J.R. Tyler (January 6, 2012)

Y Entertainment Group, a new music and entertainment company formed by the investment firm Yucaipa Companies, has acquired the premier independent music booking agency, Artist Group International (AGI). Dennis Arfa, who founded AGI twenty-five years ago, will remain as the head of the agency that represents such artists as Rod Stewart, Metallica, Billy Joel, and Linkin Park. “As the live entertainment industry evolves into the next era, our association with Yucaipa positions us to create new opportunities for both AGI and its clients,” Arfa stated in the press release.  

Arfa confirmed to Billboard.biz that the AGI employees in New York will remain intact and continue to function as usual under Y Entertainment Group’s leadership. “We’re all looking forward to the next several years together,” Arfa commented. Although the sales price for the acquisition was not spilled, he did mention that he was “very happy” with the outcome.  

Founded by Ron Burkle in 1986, the Yucaipa Companies specializes in increasing a company’s economic value through growth and development, and has been involved in $30 billion worth of mergers and acquisitions throughout the years. Burkle is a major investor in Alliance Entertainment and Barnes & Noble, and is a member of the Yahoo board. He has placed Rick Stevens, a seasoned entertainment, investment banking and management executive, as CEO of the Y Entertainment Group. “The live experience cannot be digitized or replicated and thrives in the face of the profound changes that have affected other facets of the music business,” Stevens commented. “AGI is quite simply the best independent agency in the world and we are excited to welcome Dennis and his AGI team,” he continued.