Bruin Sports Capital, the New York-based investment and holding company, has secured a fresh capital injection totalling at least US$600 million after forging strategic partnerships with CVC Capital Partners and The Jordan Company (TJC).
The two private equity firms are initially making the combined investment through their respective funds - the CVC Fund VII and TJC’s Resolute Fund IV - but the deal, officially described as 'long-term’, gives Bruin access to billions of dollars in capital and a global network of resources.
Founded in 2015, Bruin invests in and builds companies across sports and entertainment. Today, its portfolio of investments includes media technology company Deltatre, event hospitality provider On Location Experiences, marketing agency Engine Shop, branding specialist Soulsight, and OverTier, a global provider of direct-to-consumer streaming services.
George Pyne, the company’s founder and chief executive, said the latest investment heralded the “next chapter” for Bruin, enabling it to be “even more bold and aggressive in building the platforms that lead the sports and entertainment industry forward”.
“We are extremely proud to have the partnership and support of CVC Capital Partners and The Jordan Company, not only for what it says about our progress but also what it means for our businesses and future opportunities,” said Pyne.
“To be able to say to a partner that on top of our track record and user-friendly model, we can tap into all the capital and global resources necessary to accelerate their business is quite powerful.”
Pyne, a former senior executive at Nascar and IMG, founded Bruin with an initial US$250 million investment from advertising giant WPP; Rock Ventures, a firm founded by Cleveland Cavaliers owner Dan Gilbert; and NNS Group, an investment company spearheaded by Egyptian billionaire Nassef Sawiris. According to The New York Times, it currently has nearly US$1 billion invested across its portfolio.
Luxembourg-based CVC is no stranger to investing in sports. With a network of 24 offices and over 500 employees throughout Europe, Asia and the US, it has previously invested in the likes of Formula One, MotoGP and England’s Premiership Rugby.
TJC, which manages funds invested in a wide range of industries, is less well-known in the sports sector. It did, however, replace WPP as a Bruin shareholder last year before making an additional investment in the company.
“George and his team have built an impressive franchise, and we are delighted to be partnering with them to invest in and develop high-growth, high-performing global sports and entertainment companies,” said CVC managing partner Chris Stadler.
“Our extensive European network and deep experience in sports, media, and entertainment ideally complement Bruin’s impressive existing platform.”