NEW YORK, Jan. 6, 2015 /PRNewswire/ -- George Pyne, former President of Sports & Entertainment at IMG Worldwide, today announced the launch of Bruin Sports Capital and the conclusion of a $250 million equity round, providing $500 million in buying power. This initial round of fundraising was conducted over a six month period of time.
The new venture, a privately held media, sports, marketing and branded lifestyle company, will leverage Pyne's 25-year track record of building businesses and creating shareholder value. The company will acquire, build and operate businesses on a global basis. "Identifying unique opportunities, attracting world-class management teams, establishing a culture of innovation and creating real value is what will make up Bruin Sports Capital's DNA. The firm will be opportunistic and nimble in pursuit of its goals. The key points of differentiation that will define Bruin Sports Capital include its unparalleled access to the best deals; long-term, flexible capital; extensive operating expertise; strategic capital and global resources in WPP and other investors; and finally, our speed of execution," said Pyne.
Bruin Sports Capital retained Allen & Company LLC, a New York based investment bank, in June 2014 to assist in securing funds for the new venture. Together, they have aligned the firm with WPP, the world's largest communications services group and an international syndicate of investors. This access to capital and focus on long-term growth and value creation, coupled with Pyne's lifelong immersion in sports, positions the firm as an unrivaled leader in the investment space.
"WPP's investment in sports and content through Bruin Sports Capital is an important part of its strategy as it impacts new markets, new media, data investment management and the application of technology and horizontality," said Sir Martin Sorrell, Founder and CEO of WPP. "George is a major talent in the sports business world and based on his track record, I am confident that the clients who work with WPP's operating companies will be given access to many high-value media and sponsorship opportunities. GroupM, our wholly owned media investment management company, manages over $100 billion in billings (according to RECMA), and there is growing interest on the part of clients that it invests some of that portfolio in content and sports."
"This is an unprecedented capital raising milestone for Bruin Sports Capital, which we reached in a very short time," added Pyne. "Our partnership with WPP, whose global resources and record of accomplishments for delivering results, along with the capabilities and influence of the other global investors, provides Bruin Sports Capital with unmatchable reach and the ability to execute. Sir Martin Sorrell and WPP are builders of global businesses, which will benefit Bruin Sports Capital greatly. I am thrilled to be partnering with Sorrell, WPP and a truly global syndicate of investors. These relationships will allow us to maximize the opportunities we have identified throughout the sports and entertainment spaces and create exceptional value for our investors."
Throughout his career, Pyne has created billions of dollars in shareholder value for NASCAR and IMG combined, and has recruited and led talented executives to transform both companies. Pyne was the driving force behind the prolific growth of many of IMG's divisions during his nine-year tenure, which resulted in the company's $2.4 billion sale to William Morris Endeavor.
Pyne has been recognized as one of the most influential people in professional sports by Bloomberg BusinessWeek, The Sporting News and the Sports Business Journal. He is a member of the Sports Business Journal's Hall of Fame and the National Football Foundation's Leadership Hall of Fame. He has been hailed by Advertising Age as one of its "Top 100 Marketers." Pyne has also received the NCAA's Silver Anniversary Award for lifetime achievement and will be recognized in January 2015 by the Ivy League Football Association for lifetime achievement.
About Bruin Sports Capital
Bruin Sports Capital is a privately held international media, sports, marketing and branded lifestyle company. Bruin Sports Capital raised $250 million in equity capital, which provides for $500 million dollars in buying power to acquire, operate and build businesses in the respective segments. WPP, the world's largest communications services group, is leading Bruin Sports Capital's international syndicate of investors. George Pyne, an American business executive, founded Bruin Sports Capital in 2014. Pyne's twenty-five year record of accomplishments in building businesses and superior management teams led to the transformation of both NASCAR and IMG, creating billions of dollars in shareholder value for the respective companies. Bruin Sports Capital's investor base, along with Pyne's reputation, will allow access to the best deals, and will provide a long-term and flexible capital structure, operating expertise and a heightened speed of execution. Bruin Sports Capital's global access and wherewithal will position the company for unparalleled value creation opportunities.
For more information, go to www.BruinSportsCapital.com.
RUBENSTEIN PUBLIC RELATIONS
CONTACT: MEGAN WILSON, 212.843.9335
SOURCE Bruin Sports Capital