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TPG Capital becomes a Major Stake Owner in Talent Agency C.A.A.

Date:22-10-2014

The private investment firm, TPG Capital said that it had purchased a majority stake in Creative Artists Agency. TPG Capital already held a 35 percent stake in Creative Artists Agency and in recent weeks had been discussing the possibility of raising its stake in the talent agency. C.A.A. is in the business of representing movie stars and prominent athletes.

Currently, TPG will own over half of C.A.A., which was founded 40 years ago by five former agents from the old-line William Morris Agency and is now a giant in the agency business in its own right.

The move by TPG Capital is the latest sign of the financial world’s continued interest in the agency business, particularly as firms look for ways to partner with agencies and boost their presences in sports and digital entertainment. Silver Lake, another investment firm, bought a stake in William Morris Entertainment. Silver Lake then used its investment to carry out that agency’s $2.4 billion acquisition of IMG.

C.A.A. has long sought to push into new business operations, having helped create both a boutique investment bank and a venture capital fund. One of its most successful divisions is its sports representation unit, which counts athletes like Carmelo Anthony of the New York Knicks and Cristiano Ronaldo the soccer player among its ranks.

A co-founder of TPG Capital, James Coulter said that C.A.A. has had extraordinary growth across its divisions, alongside asset-building and principal investment strategies and they are enthusiastic about the continued success ahead.

C.A.A.’s current management agreed to extend their contracts, as part of the deal which was announced on Monday.

The agency said that they are excited about expanding the ways they serve clients and taking advantage of countless new opportunities as media, technology, brands, sports and content converge. C.A.A. further stated that TPG is an invaluable partner in the ongoing execution of their plan, providing their vast business-building expertise, unparalleled global network, and ready access to capital for further growth.

LionTree Advisors and UBS advised C.A.A. and legal advice was provided by Lipton, Wachtell, Rosen & Katz. While Cleary Gottlieb Steen & Hamilton provided legal counseling to TPG Capital.

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