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- Two Circles will continue to be led by Gareth Balch and its current management
- Sports marketing agency works with more than 400 properties including the NFL, IOC and the Premier League
Charterhouse Capital Partners (CCP) has bought a majority stake in sports marketing agency Two Circles, with Bruin Sports Capital exiting the business as a result.
The transaction is set to be completed in the first quarter of 2024. Two Circles will continue to be led by co-founder and chief executive Gareth Balch alongside its current management team, which has reinvested in the company and increased their shareholding.
Sky News reports the deal is worth UK£250 million (US$317.9 million). While Bruin declined to comment on the agreement’s valuation, SportsPro understands the reported fee to be accurate.
Founded in 2011, Two Circles currently has partnerships with more than 400 sports properties, providing services such as rights-management, ticketing, sponsorship sales and content creation. Its client roster includes the National Football League (NFL), the International Olympic Committee (IOC) and the Premier League.
New York-based investment firm Bruin acquired a majority stake in Two Circles back in 2019, after having previously worked with the agency beforehand. The acquisition came after Bruin received an initial US$600 million investment from The Jordan Company (TJC) and CVC Capital Partners.
“Charterhouse’s interest in our business reflects the commitment our clients have made to embrace a fan-focused and technology-enabled future,” Balch said.
“We will continue to work with our clients to harness the possibilities of digitisation and technology to grow the value of sport while nurturing the spirit and heritage that attracts hundreds of millions of fans and players to the games, teams and competitions they love.
“This partnership with Charterhouse will enable Two Circles to do this in more places worldwide and importantly, to collaboratively identify and invest in the capabilities sports needs to thrive.”
Charterhouse is a London-based private equity firm, which has invested more than UK£12 billion (US$15.26 billion) in assets since 1994.
“At Charterhouse we identify technology-enabled services firms with highly differentiated expertise and back their management teams to become global leaders,” added Chris Warren, Charterhouse partner.
“Two Circles was a standout opportunity because of its data-driven focus, resilient profits, and growth in every year since it was founded in 2011. In a rapidly changing media landscape, sport has the potential to become more popular and valuable than ever before.
“We believe Two Circles is emerging as the first digitally native global sports group and will lead the next era for the sports industry to help its clients navigate the changes ahead and fulfil their potential.”
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