TPG Capital bought 35% of CAA Equity Stake

By on Oct 3, 2010 in Business, Finance, United States, World Comments

TPG Capital bought 35% equity stake of Creative Artists Agency (CAA), according to International news sites lately.

TPG Capital (or Texas Pacific Group) a private equity firm that is known for its investments in Burger King, Neiman Marcus and Metro-Goldwyn-Mayer was reported to have bought 35% equity stake of CAA.

The deal is being expected to help CAA to expand its sports business and monetize the stakes of the partners who own and run the business, reports say.

CAA, Hollywood’s powerhouse talent agency is known for representing big names in the entertainment industry such as of George Clooney, Brad Pitt, Julia Roberts, Sandra Bullock, David Letterman, Oprah Winfrey, and Steven Spielberg.

CAA launched their sports division in 2006, and absorbed the SFX Football division on that year.

As part of the agreement, CAA founding partners Bryan Lourd, Richard Lovett, Kevin Huvane and David O’Connor have signed new five-year contracts.

Meanwhile, TPG Capital announced that they will also create a $500 million fund for future investments.

According to reports, this will pay for outside acquisitions and expansion support, mostly international.

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