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RedBird buys into NFL media with EverPass; Shamrock builds up content portfolio

Good morning PE Hubsters! Rafael Canton here with the latest news in private equity for PE Hub’s Wire. We are starting off with a deep dive into RedBird Capital Partners which formed media company EverPass in 2023 with the NFL’s investment arm 32 Equity.

Next, we have a look at Shamrock Capital Partners which recently acquired the film, TV and music portfolio of Vine Alternative Investments Group.

Finally, we have a couple of recent deal announcements, including KKR which acquired Janney Montgomery Scott from Penn Mutual. We also have an add-on deal. Behavioral Framework, a portfolio company of Renovus Capital, has acquired Behavior Consultation & Psychological Services.

Broadcasting with the NFL

With NFL training camp starting up at the end of the month, it’s a perfect time to look at how we will be watching NFL games in the future. I looked at RedBird Capital Partners and the NFL’s investment arm 32 Equity launched media company EverPass in 2023.

RedBird’s founder and managing partner Gerry Cardinale and managing director Kevin LaForce chatted with PE Hubabout the formation of EverPass and the company’s recent add-on deal to acquire UPshow. EverPass is a media company that distributes live sports and entertainment content to bars, restaurants, hotels and other commercial venues.

As I’ve covered recently, the NFL and private equity have been a combination in the news for much of the past few months. The NFL’s ownership met in May to vote on allowing institutional investors to own minority stakes in NFL franchises. Though a vote never took place, NFL commissioner Roger Goodell said he expects “there to be something by the end of the year.”

Rising valuations of NFL franchises are a key factor for the interest that private equity firms have in the league. With that amount of interest, it makes sense why investors also want to be around the NFL even in an adjacent category such as media distribution like RedBird.

Subscribers to the full version the Wire can read more about RedBird’s investment strategy for EverPass.

Content is king

Continuing with the content conversation, we have a look at Shamrock Capital Partners which acquired the film, TV and music portfolio from Vine Alternative Investments Group, a media and entertainment-focused asset manager. PE Hub’s Iris Dorbian has the story on this accumulation of content. Iris spoke to Shamrock partners Patrick Russo and Jason Sklar about the acquisition.

Subscribe to the premium version of the Wire to learn more about Shamrock’s content play.

Financial advice

KKR has agreed to acquire Janney Montgomery Scott from Penn Mutual. Based in Philadelphia, Janney is a wealth management, investment banking and asset management firm.

Upgrade to the full Wire to read more about the deal.

Critical need

Behavioral Framework, a portfolio company of Renovus Capital, has acquired Behavior Consultation & Psychological Services, a provider of clinic, home, and school-based ABA therapy and autism diagnostic services for children in North Carolina.

Subscribers to the premium Wire can learn more about the deal.

That’s it from me today. If you have any questions, thoughts, or want to chat, please email me at rafael.c@pei.group.

Michael Schoeck will have the Wire for you tomorrow.

Cheers,

Rafael

Read the full wire commentary on PE Hub ...

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They said it

“This was a real opportunity to create a business and buy into video on the media front, which no one really has an ability to do. It’s all been taken up. Everything’s been licensed out. We have an ability to buy into the economics of the NFL media business and wrap around that, or have the convening part of what makes the NFL so special.”

— Gerry Cardinale, founder and managing partner of RedBird Capital Partners on RedBird and the NFL’s 32 Equity forming EverPass