Providence Equity Partners makes a strategic investment in Wasserman, buying out Redbird Capital and Madrone Capital.
Global sports, music, and culture agency Wasserman has announced a strategic investment from Providence Equity Partners, a private equity firm specializing in growth-related investments in media, communications, education, and technology. The investment will provide capital to pursue further growth initiatives while fully redeeming Redbird Capital Partners and Madrone Capital Partners, who are exiting as investors.
Financial terms of the deal were not disclosed, but founder and CEO Casey Wasserman will continue to retain an ownership stake.
“I am incredibly proud of the business, and more importantly, the team we have built over the past 20 years,” says Casey Wasserman. “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,” says 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.”
“Wasserman has the potential to set the bar for the future of talent representation and brand and marketing consultancy,” adds Davis Noell, Senior Managing Director and Co-Head of North America at Providence. “With our strong existing relationship, similar cultures, and shared passion for media, sports, and entertainment, we are pleased to have reached this agreement to partner together. We are excited to work with the talented Wasserman team to help capitalize on the tremendous organic and inorganic opportunities ahead.”
Wasserman has established itself over the last 20 years as one of the world’s leading companies in brand and property marketing, and sports and music talent representation. The company provides clients with a broad range of services across partnership management, insights, analytics, creative content, and talent marketing. Wasserman boasts a track record of creating policies and practices that lead to a lasting impact through diversity and inclusion, with a continued focus on equity and fairness for women in sports and music.