Clearlake has acquired a majority stake in PrimeSport. The business is a sports travel and entertainment management company.
PrimeSport, Inc. (“PrimeSport” or the “Company”) and Clearlake Capital Group, L.P. (together with its affiliates, “Clearlake”) today announced that Clearlake has acquired a majority stake in PrimeSport, a leading sports travel and entertainment management company.
For over 20 years, the PrimeSport team has developed trusted, long-term official partnerships with teams and events that give the Company’s customers access to the most sought after sporting events, including the NCAA Final Four, BCS National Championship, Super Bowl, Daytona 500 and many others. The Company offers tickets, corporate and fan travel packages, and hospitality events for corporations, professional sports teams and fans.
“We are very excited to partner with Clearlake, as they are the perfect sponsor to help us develop specific areas of our business, including the expansion of product and experience offerings, investment in the enterprise channel, growth in ecommerce and online distribution,” said Sam Soni, President of PrimeSport. “I am confident that Clearlake understands and appreciates the distinct value PrimeSport provides our partners and customers, and I am eager to work with them to help facilitate the next phase of the Company’s growth and expansion. Clearlake’s proven track record and substantial resources will be instrumental in adding lasting value to our business.”
“Sam and the entire PrimeSport team have built an outstanding platform over the years with substantial credibility amongst its customers and official partners. The Company is an industry pioneer with a highly differentiated business model, and we share the management team’s excitement in sponsoring the Company as a platform for growth,” said Behdad Eghbali and James Pade of Clearlake.
Lincoln International served as financial advisors to PrimeSport. Debt financing was provided by Prospect Capital Corporation.
About Clearlake Capital Group
Clearlake Capital Group, L.P. is a private investment firm focused on special situations and private equity investments such as corporate divestitures, recapitalizations, buyouts, reorganizations, and other equity investments. Clearlake seeks to partner with world-class management teams by providing patient, long-term capital and operational expertise to invest in dynamic businesses. Clearlake currently manages approximately $1.4 billion of equity capital, and Clearlake’s founding principals have led over 70 investments totaling more than $3 billion of capital in sectors including business services, communication, consumer products/retail, defense/public safety, energy/power, healthcare, industrials, media, and technology.
PrimeSport is the leader in providing direct access to the biggest sporting events on the planet, offering tickets, travel, hospitality, and VIP experiences for corporations, professional sports teams and fans. PrimeSport’s extensive experience in sports travel, hospitality and ticketing has allowed the company to form long term, official partnerships with some of the largest sporting events and organizations in the country. As a result, PrimeSport can provide more exclusive access to more events than any other company in the industry. Official partnerships include select NCAA Championships®, including the Men’s Final Four, Division I Men’s Basketball preliminary rounds, Men’s College World Series®, Division I Wrestling Championships, Women’s College World Series®, Women’s Final Four®, Division I Women’s Volleyball Championship and Men’s Frozen Four®, eighteen NFL teams, Rose Bowl, BCS National Championship, Sugar Bowl, Alamo Bowl, Orange Bowl, Liberty Bowl, Capital One Bowl, Russell Athletic Bowl, Holiday Bowl, San Diego County Credit Union Poinsettia Bowl, Chick-fil-A Bowl, Chick-fil-A Kickoff Game, AdvoCare Texas Kickoff Game, State Farm Champions Classic, Jimmy V Classic, Wrangler National Finals Rodeo, ACC Football Championship, ACC Men’s Basketball Tournament, Feld Motor Sports, more than forty major NCAA Division I universities and alumni associations, eighteen NASCAR speedways and more.