photo_cameraThomas Jensen and Holger Hübner
Festivals
Wacken Founders Lose Power as Superstruct Takes Control
Wacken Open Air founders Thomas Jensen and Holger Hübner have lost their blocking minority in the festival`s operating company after selling further shares to Superstruct Entertainment.
According to German public broadcaster NDR, Jensen and Hübner have each reduced their holdings in ICS GmbH International Concert Service from 15.5% to 5%, further strengthening Superstruct`s position in the company behind one of the world`s largest heavy metal festivals.
The reduction means the two founders no longer hold the combined 25% stake required under German corporate law to block certain fundamental changes to the company`s articles of association. Their combined ownership has fallen from 31% to just 10%.
The new ownership structure was revealed in shareholder documents obtained by NDR and subsequently confirmed by Jensen, who said the additional share transfers had been part of the original contractual arrangements.
Superstruct initially acquired a majority stake in ICS in 2019, with Jensen and Hübner retaining minority ownership and continuing to manage the business. The latest transaction further consolidates control under Superstruct, which has been majority-owned by US private equity firm KKR since 2024.
Despite losing their blocking minority, the founders retain certain contractual rights, including approval rights over share transfers. Both are also expected to remain actively involved in managing and developing Wacken Open Air.
Speaking to NDR, Jensen acknowledged that working under a larger corporate ownership structure involves compromises but defended the partnership, highlighting Superstruct`s financial support during the Covid-19 pandemic as essential to the festival`s survival.
According to ICS`s recently published 2024 financial statements, the group generated approximately €64 million in revenue and €10.5 million in net profit.
Founded in 1990, Wacken Open Air has grown into one of Europe`s best-known metal festivals, attracting approximately 85,000 visitors annually. The 2026 edition featured acts including Judas Priest, Sabaton, Powerwolf, Def Leppard and Electric Callboy.
Superstruct`s increased ownership represents a further consolidation of control over the German festival business, leaving Wacken`s founders with significantly reduced shareholder influence despite their continuing operational roles.