The takeover of one of Europe’s biggest festival organisers by US hedge fund KKR has led to a string of cancellations at this summer’s events, with top Dutch band Goldband the latest to pull out.

British-Luxembourg company Superstruct Entertainment is behind some of the biggest events in the Dutch summer season, including the Zwarte Cross rock festival, Milkshake and Awakenings.

Superstruct, which owns and operates over 80 music festivals across 10 countries, was acquired by KKR for a reported €1.3 billion a year ago. In October last year, venture capital group CVC joined the deal.

KKR is controversial because of its investments in fossil fuels, as well as the weapons industry and Israeli data and surveillance firms. The company is also said to invest in businesses active in the Occupied Territories.

Superstruct has issued a statement distancing itself from its American owner, but that has not halted a steady stream of cancellations. In the statement, the company emphasised its independence from its owners and said it was “horrified by the scale of suffering and the ongoing crisis” in Gaza.

On Wednesday, Goldband became the latest act to boycott Superstruct events by cancelling their headline appearance at Zwarte Cross.

“We are not happy about the ownership structure involving KKR and its investments,” Goldband said on Instagram. “Anyone who knows us even a little or has ever seen us perform knows that we regularly speak out against injustice, and specifically about the Palestinian cause and the genocide taking place there.”

Youp van ’t Hek, Claw Boys Claw and Hang Youth had already withdrawn from Zwarte Cross.

Earlier, 14 performers pulled out of the Milkshake festival in Amsterdam’s Westerpark. The group, calling themselves Ravers for Palestine, said on social media they did not want to perform “in solidarity with Palestine” nor to “contribute to KKR’s profits”.

The boycott has affected Superstruct festivals across Europe. In Spain, for example, Rotterdam DJ duo Animistic Beliefs and Jeisson Drenth are among around 70 artists who have cancelled appearances at Sónar, which is also owned by KKR.