TPG Capital buys 35% stake in CAA Sports
By Community | October 4, 2010
TPG Capital, the private equity firm, has bought a 35 per cent stake in sports agency Creative Artists Agency (CAA Sports).
CAA Sports represents more than 650 of the world’s biggest athletes, coaches, broadcasters, teams, leagues, venues and marketers.
Major League Baseball (MLB) star Derek Jeter and Real Madrid footballer Cristiano Ronaldo are among the company’s clients.
Under the terms of the deal, CAA and TPG have agreed to create a US$500 million pledge fund which will provide access to significant capital for future investments.
TPG founding partner David Bonderman said: “CAA is the clear leader within its industry and the talent agency most trusted by successful actors, directors, writers, producers, musicians and athletes.
“Over its history, the company has demonstrated a consistent ability to identify nascent opportunities and expand into new markets.
“CAA’s outstanding management team has built the gold-standard franchise in their industry based on a culture of exceptional client service, and we look forward to supporting CAA at this exciting inflection point in their evolution as they look to expand their operations and services around the globe.”