LOS ANGELES (CelebrityAccess) — Providence Equity Partners, a private equity firm with a portfolio of investments across media, communications and technology, has taken a stake in talent agency Wasserman.
According to the companies, the investment from Providence will be used to redeem previous investments from RedBird Capital Partners and Madrone Capital Partners, who will exit from their role as Wasserman investors, and to fuel the agency’s growth.
Following Providence’s investment, Wasserman’s Founder, Chairman and CEO Casey Wasserman continues to control an ownership stake in the company, but additional financial details of the investment were not disclosed.
“I am incredibly proud of the business, and more importantly the team we have built over the past 20 years. Our prioritization of client service and values has resulted in tangible business success and cultural rewards, and there is no better partner to help us accelerate and scale this purpose-driven model than Providence. 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 and his team have built a global leader and influential force in sports and music talent representation and marketing, and they have balanced their rapid expansion with maintaining a client-first approach and culture that cultivates dedicated, motivated and talented executives and agents,” said Scott Marimow, Managing Director at Providence. “Wasserman is a natural fit with our firm, and we look forward to partnering with Casey and the entire Wasserman team to help fuel the Company’s next phase of growth and success.”
The investment will see Wasserman join Providence’s portfolio, which also includes Tempo Music, a music rights acquisition platform launched in partnership with Warner Music Group, RealMadrid, the iconic Spanish soccer franchise, and Superstruct Entertainment, the festival producer behind events such as Sziget, Wacken, and Sónar Barcelona.
