Weekly roundup of key private equity industry news
In the world of sports and luxury, two significant developments are unfolding. On one hand, a sale process for a portfolio of tennis assets is underway, with Goldman Sachs advising on Ari Emanuel's bid. On the other hand, Prada is nearing a deal to acquire Versace for nearly €1.5 billion.
The tennis assets in question include the prestigious Miami Open, Madrid Open, Barcelona Open, and the pre-Wimbledon event at London's Hurlingham Club. Multiple bidders have shown interest in these assets, with final offers expected later this month. Ari Emanuel, known as a Hollywood talent agent-turned-executive, is one of the bidders competing against the likes of CVC Capital Partners, who have submitted a $1 billion bid for the same assets.
The sale process is being managed by The Raine Group. However, at the moment, there is no specific information available regarding other bidders for the tennis assets. The trend in sports investments suggests that large private equity firms and investment groups are actively involved in acquiring and managing sports assets. For instance, companies like CVC Capital Partners have been actively investing in various sports, creating large portfolios valued in billions of dollars.
Meanwhile, in the luxury sector, Prada is on the verge of a major acquisition. If the expected deal between Prada and Capri Holdings-Versace's parent company is finalized this month, assuming negotiations remain on course, it could be one of the biggest shake-ups in Italian luxury.
In a separate development, Garnett Station Partners (GSP) has closed its latest private equity fund, GSP 5.0, at $1.2 billion. With the closing of GSP 5.0, Garnett Station's total assets under management exceed $3.5 billion. GSP will continue its strategy of partnering with founders and management teams to scale businesses across sectors like consumer and business services, health & wellness, automotive, and food & beverage with Fund 5.0. The fund is oversubscribed and reached its hard cap in just four months.
These developments underscore the ongoing interest in sports and luxury assets, with large private equity firms, investment groups, and billionaires increasingly showing interest in these sectors. As these deals progress, the future management and development of these assets could undergo significant changes, shaping the landscape of both sports and luxury industries.
- Ari Emanuel, in the realm of sports investments, is vying for a significant portfolio of tennis assets, which include the Miami Open, Madrid Open, Barcelona Open, and the pre-Wimbledon event at London's Hurlingham Club.
- In the world of private equity, CVC Capital Partners has shown interest in the same tennis assets, submitting a $1 billion bid.
- The sale process for the tennis assets is being overseen by The Raine Group, but other potential bidders remain undisclosed at this time.
- In the luxury sector, Prada is on the brink of a major acquisition, potentially solidifying a deal with Capri Holdings, Versace's parent company, this month.
- Garnett Station Partners (GSP) recently closed their latest private equity fund, GSP 5.0, at $1.2 billion, increasing their total assets under management to $3.5 billion.
- Private equity firms, investment groups, and billionaires are increasingly interested in sports and luxury assets, as seen in the ongoing dealings in both sectors, potentially leading to significant changes in their management and development.
