NEP Group has announced a new equity investment.
Led by 26North Partners LP, a consortium of co-investors has provided an equity investment of $700 million which will enable the company to accelerate operations globally, developing new partnerships and products to enhance its capabilities and speed to market.
Founded by Josh Harris, founder and managing general partner at Harris Blitzer Sports & Entertainment and managing partner of the Washington Commanders, 26North is a next-generation alternatives platform that closely aligns with NEP’s media and live events position, said the company. Existing sponsor Carlyle is also participating in the deal and remains the largest shareholder in NEP.
NEP has also undertaken a programme of debt refinancing aimed at enhancing its capital structure, reducing debt levels and providing strong foundations for future expansion.
Commenting, Martin Stewart, CEO of NEP Group, said, “We’re thrilled to take NEP to the next level with outstanding capital partners at our side. Josh brings exceptional expertise in creating one of the world’s leading sports and entertainment portfolios, and he and the 26North team have a proven track record of growing businesses across industries. We also couldn’t be more pleased to have earned the continued trust and support of Carlyle.
“We remain committed to investing in our people, technology and dynamic facilities to deliver the innovation, scale and reliability that our clients have relied on for 40 years. We’re beginning our next 40 years with great momentum.”
Mark Weinberg, head of private equity at 26North, added, “We’re excited to work with Martin, his leadership team, and Carlyle to build on the strong foundation they’ve created. NEP represents the kind of business we seek to invest in: a global market leader with a stellar reputation for service delivery, technical expertise and innovation that keeps customers coming back for compelling storytelling around their most important events and experiences.”
