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NFL’s scarcity value ‘almost like a Picasso’; L Catterton acquires Naomi Watts’ wellness business

Morning Hubsters, Craig McGlashan here with the Tuesday Wire.

Private equity’s interest in sports just keeps getting bigger, but so far it’s been unable to tap into what is by some measures the most valuable league worldwide: the NFL. With signs that could be about to change, we took a deep dive into what makes the NFL such an attractive potential investment.

From sports to skincare next where L Catterton has acquired Stripes Beauty, a holistic wellness company founded by actress Naomi Watts.

We then have a trio of healthcare deals to look at involving Frazier Healthcare Partners, Renovus Capital Partnersand NMS Capital, before we finish with exits by Stellex Capital Management and Harren Equity Partners.

Playing ball

While there’s been plenty of private equity cash piling into European football teams – such as Oaktree Capital Management taking control of Italy’s Inter Milanand Kilmer Sports Ventures entering negotiations to buy France’s AS Saint-Étienne– there’sa different kind of football that GPs are desperate to play ball with: the American variety.

Subscribe to the full version of the Wire to find out what’s drawing private equity to the NFL, which firms are likely buyers and potential obstacles to investment.

And if you still need NFL content during the offseason, check out this PE Hub interview with Chicago Bears rookie quarterback Caleb Williams about his new investment firm 888 Midasfrom earlier in June.

Wellness

Sticking with the world of celebrity, L Catterton has acquired Stripes Beauty, a holistic wellness company founded by actress Naomi Watts in 2022.

Healthcare

Elsewhere, it’s been a busy morning in the healthcare sector.

Read the full version of the Wire for details.

Sales

I’ll leave you with some exits.

Stellex Capital Management has sold Continental Global Material Handling.

Meanwhile, Harren Equity Partners has sold Virginia Tile.

OK that’s all from me – Rafael Canton will write to you tomorrow.

Cheers,

Craig

Read the full wire commentary on PE Hub ...

Also of note (may require subscriptions)

Diversis Capital Management, which has closed two funds, is running a process to extend its hold over SaaS-focused portfolio company Tempo, sources told Buyouts.

Life sciences venture capital firm Forbion has held a €75 million first close on its bioeconomy vehicle, which has a €150 million target. (Agri Investor)

Fort Washington Capital Partners Group, a GP-led and special situations-focused manager, is looking to raise what could be its largest secondaries vehicle to date. (Secondaries Investor)

US-based LP consultant Verus Investments sees strategies targeting the mid-market as “our highest conviction” in the asset class, according to its latest real assets outlook. (Infrastucture Investor)

In the face of a daunting market that has seen many fundraisers fall short of their targets, emerging manager Builders VC is seeking to raise 60 percent more than its sophomore effort. And if the Los Angeles City Employees’ Retirement System serves as a guide, Builders stands a good chance of hitting its $400 million goal. (Venture Capital Journal)

Apollo Global Management has started to conduct climate scenario analyses for its portfolio – an endeavor to understand how physical and transition risks could affect the value of assets under different global warming scenarios. (New Private Markets)

Meadow Partners has closed its sixth flagship fund, Meadow Real Estate Fund VI, with $530 million of commitments, after a two-year fundraising cycle. (Private Equity Real Estate)

They said it

“At a base level, what differentiates the NFL from the other leagues is higher revenues, higher valuations and cashflow. Those are three big pieces that make it extra attractive for PE firms. There’s less risk in the financial file of a lot of NFL teams.”

— Sean Clemens, director and principal, Park Lane