Sports and entertainment talent representative Wasserman has taken on private equity firm Providence Equity as an equity investor. Providence, which counts Learfield and The Chernin Group among its investments, becomes a sizable minority partner in Wasserman, cashing out minority shareholders RedBird and Madrone in the process.
“Casey and his team have built a global leader and influential force in sports and music talent representation and marketing,” Providence managing director Scott Marimow said in a press release. “They have balanced their rapid expansion with maintaining a client-first approach and culture that cultivates dedicated, motivated and talented executives and agents.”
Originating as a sports agency under founder Casey Wasserman, the company represents talents across sports and entertainment, from Yankees slugger Giancarlo Stanton to Icelandic atmospheric rock band Sigur Ros.
The dollar amount invested and percentage stake taken by Providence investment amount aren’t being disclosed. As part of the transaction Gerry Cardinale’s RedBird Capital and Madrone Capital are cashing out. RedBird purchased a stake believed to be 30% to 40% of Wasserman equity in the autumn of 2020. Prior to RedBird’s investment, the sole outside investor in Wasserman was Madrone, the family office of Rob Walton, the Walmart heir and owner of the Denver Broncos. Madrone invested in Wasserman in 2014 at what was reported at the time as a $100 million transaction. In addition to buying out the two investors, Providence is bringing additional money to the table to help fund growth initiatives, according to the release.
“Their long relationship with our executive management group plus their extensive experience and established investment approach across the sports, media and entertainment sectors, and a shared commitment to culture will help accelerate the next phase of Wasserman’s expansion,” Casey Wasserman said in the announcement.
Providence has a track record of investing in sports-related ventures, including the YES Network, Topgolf Callaway Brands and Soccer United Marketing, the MLS-owned marketing business.