TPG Back In Talent Management Game, Acquires Majority Stake In Untitled Entertainment
TPG, the private-equity firm that had a majority stake in CAA before selling it to Francois-Henri Pinault last year, said Friday that it has formed a new talent management company whose first investment will be in Hollywood management biggie Untitled Entertainment.
The new TPG company, which will “acquire, invest behind, and build a diversified global business centered on talent management, representation, and adjacent verticals,” acquired the Untitled majority stake from Canada-based Boat Rocker Inc in a deal for about CAD $51.6 million ($37.7M) and 8.8% of the outstanding common equity in TPG’s new company.
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Michel Pratte, former president of Boat Rocker Media, has been named CEO of the newly established company. Eric Taitz, former EVP of Corporate Development and Strategy at Boat Rocker, will serve as COO.
Untitled’s founding partners Jason Weinberg and Stephanie Simon will each have “significant” financial interest into the new entity alongside Boat Rocker. They will continue as co-CEOs and partners leading Untitled, which works in all areas of the industry including film, TV, theater, fashion, digital media and music.
“As the broader entertainment industry continues to evolve, a more complex landscape means more opportunities than ever for ambitious talent and their representatives,” said Pratte. “The future of representation increasingly requires relentless proactivity combined with access to world class tools that drive innovation and growth. This new company will empower Untitled and a future group of complementary talent-centric businesses to harness the extraordinary talents of diverse clients on their journey to achieving their highest career ambitions. I look forward to building this Company with TPG, continuing my fifteen-plus year relationship with Boat Rocker, and working even more closely with Jason, Stephanie, Untitled Partners Evan Hainey, Elise Konialian, Jennifer Levine, Jason Newman, Alissa Vradenburg, and the entire Untitled team.”
TPG Growth, the middle market and growth equity platform of TPG, is funding the investment. TPG has $224 billion of assets under management.
Latham & Watkins LLP and Blakes, Cassels & Graydon LLP served as legal counsel to TPG. Venable LLP served as legal advisors to Weinberg and Simon. LionTree Advisors acted as financial advisor and Paul, Weiss, Rifkind, Wharton & Garrison LLP and Stikeman Elliott LLP served as legal advisors to Boat Rocker.