Carlyle and Sixth Street led new wave of sports deals; Bridge Growth made fundamental transformation with Syniti before sale

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Carlyle and Sixth Street led new wave of sports deals; Bridge Growth made fundamental transformation with Syniti before sale

Good morning, PE Hubsters! Rafael Canton here with the US edition of the Wire from the New York newsroom.

First, private equity saw an opportunity to make deals in the sports sector and it led to several highlights from this year. The Carlyle Group partnered with the Seattle Sounders FC to acquire the NWSL team Seattle Reign FC. And a select group of firms including Ares Management and Sixth Street positioned themselves to become investors in the NFL. Here’s a look at a few sports trends from this year that drove PE-backed deals.

Next, Bridge Growth Partners completed its sale of Syniti to Capgemini. I spoke to Bridge Growth co-founder, CEO and chief investment officer Alok Singh about the exit in September and wanted to look back at his thoughts on how the firm grew Syniti.

Finally, we have a deal announcement this morning. Sojourner Consumer Partners has made an investment in Hawaii Coffee Company

The year in sports PE Deals

Let’s look at the sports sector. 2024 was busy for private equity dealmaking in sports. There were a few trends in the sports dealmaking space to watch for and I highlighted them this morning.

Premium subscribers to the Wire can read more about the trends driving PE dealmaking in the sports sector.

Transforming a business

Shifting over to the technology sector, Bridge Growth Partners completed its sale of Syniti to Capgemini. The sale of Syniti is the firm’s fourth full cash exit over the past three years in a strategic transaction. The deal was originally announced in August.

PE Hub spoke with Bridge Growth co-founder, CEO and chief investment officer Alok Singh about the Syniti exit as well as Bridge Growth’s overall investment strategy.

Premium subscribers to the Wire can read Singh’s thoughts about how Bridge Growth grew Syniti.

Morning roast

Let’s end with a deal this morning in the consumer sector. Sojourner Consumer Partners has made an investment in Hawaii Coffee Company, a roaster of packaged coffee in Hawaii and provider of flavored coffee in Japan.

Subscribe to the premium version of the Wire to learn more about this deal.

That’s it from me today. If you have any questions, thoughts, or want to chat, please email me at [email protected].

Tomorrow, Craig McGlashan will be with you for the Europe edition of the Wire and Obey Martin Manayiti will bring you the US edition.

Cheers,

Rafael

Also of note (may require subscriptions)

Investcorp’s GP stakes platform will advocate employee ownership to its portfolio of mid-market firms as a key underutilized tool of value creation. (Buyouts)

How secondaries are driving CalPERS’ structural shift: The US pension giant considers secondaries investments an important contributor of distinct advantages not found in traditional commingled funds, according to Anton Orlich, managing investment director for private equity. (Secondaries Investor)

Agri Investor spoke to nine fund managers for its buy-and-lease Deep Dive and found that no two strategies were alike.

Korean GPs are seeking to calm LP nerves amid concerns over whether the brief introduction of martial law on Tuesday could impact private equity markets. (Private Equity International)

Leading secondaries recruiter Mary Gay Townsend passes away: The Norgay Partners co-founder had advised firms including PJT Partners, Nomura, Northleaf Capital Partners, UBS and Morgan Stanley on executive search. (Secondaries Investor)

Blackstone has named two veterans to new positions in its private wealth business and hired a third from Goldman Sachs Asset Management to sharpen its focus on the financial adviser community and the retail investors they serve. (Private Debt Investor)

They said it

“There has been this fundamental demand for women’s soccer and women’s sports. With more access, the fan experience both in-person and on TV more exciting, you’re starting to see the numbers really accelerate. And certainly, that has played a role in how we view this investment.”

— Alex Popov, head of credit, Carlyle on the firm’s interest in acquiring the Seattle Reign