Providence Equity Invests Further in THE•TEAM for Acquisition of Founder’s Stake
Providence Equity Partners has announced an additional investment in THE•TEAM, a global sports and entertainment company, to support the acquisition of founder Casey Wasserman's remaining ownership stake. The move follows a competitive sale process involving multiple bids from prospective buyers, reinforcing Providence's confidence in the business' strategy and long-term growth potential. Michael Watts will be elevated to Chief Executive Officer upon completion of the transaction, having previously served as President since 2014. Wasserman founded THE•TEAM (originally known as Wasserman Media Group) in 2002 and has decided to sell his stake this year. Providence first invested in THE•TEAM in 2022 and has supported its growth through both organic expansion and strategic acquisitions. The transaction is expected to close by the end of 2026, subject to customary conditions. Financial terms were not disclosed. The deal highlights continued investor interest in the live experiences sector across sports, music, and entertainment.
Topics: leadership ownership_transition private_equity_investment