New Mountain Capital LLC has invested in Legends Hospitality LLC. Financial terms weren’t announced. New Mountain will own a minority of Legends, while the deal values the company at $700 million, according to press reports. With offices in New York and Los Angeles, Legends is a stadium management company that provides services to facilities including Yankee Stadium, AT&T Stadium, nearly 40 Live Nation venues and One World Observatory. The New York Yankees and Dallas Cowboys reportedly own a majority of Legends.
Los Angeles and New York – May 3, 2017 – Legends Hospitality, LLC (“Legends”), a leader in hospitality, merchandise, ticket sales, planning, sponsorships, and experiential services to the sports and entertainment industries, today announced that it has partnered with New Mountain Capital, LLC (“New Mountain”), a leading growth-oriented investment firm headquartered in New York. As part of the agreement, New Mountain will make a strategic investment in Legends to help drive future growth at the company, and Seth Bernstein will be named Chairman of the Board of Legends. Bernstein is Chairman and CEO of SMB Capital.
Jerry Jones, Owner, General Manager and President of the Dallas Cowboys and one of the principal owners of Legends said, “Today’s announcement will play an important role in Legends continuing to set new expectations for its clients. New Mountain has a long and proven track record of business building and growing leading family-owned businesses. They are the ideal partner to accomplish our goal of aggressively growing Legends, and we’re pleased to have Seth complement our existing team.”
Hal Steinbrenner, Managing General Partner and Co-Chairperson of the New York Yankees and a principal owner of Legends added, “This is an exciting moment for Legends. This partnership with New Mountain Capital is further validation of the strength of the business platform. We are confident that Seth will bring his strong business acumen that will enable future growth for the company.”
Legends’ clients benefit from comprehensive services through the company’s Global Planning, Global Sales and Hospitality divisions, each of which provide award-winning, best-in-class leadership from conception to execution.
“We strive each and every day to be the global leader in fan experiences, and today’s announcement is further evidence of our progress,” said Shervin Mirhashemi, President and CEO of Legends. “The New Mountain team fundamentally understands the Legends business, the market opportunities before us and the best path forward to grow both organically and through strategic acquisitions.”
Legends provides services at many world-renowned venues, including Yankee Stadium, AT&T Stadium, One World Observatory, and nearly 40 Live Nation properties.
“We are excited to work with two of the most celebrated and successful franchises in sports,” said Joe Delgado of New Mountain. “We have been studying opportunities in the sports entertainment industry for some time, and Legends has cultivated a well-deserved reputation for delivering on promises of an enhanced customer experience that also drives revenues for asset owners.”
Pete Masucci of New Mountain Capital added, “Consistent with New Mountain’s philosophy on business building, we are focused on investing in and continuing to grow the Legends brand, which should result in even more success for the company moving forward.”
“As the world’s largest live concert company, we are continually looking at upgrading the onsite food and beverage experience and Legends has been instrumental in doing this,” said Michael Rapino, President and CEO of Live Nation Entertainment. “As a shareholder, we are confident that the new capital will provide more resources for Legends to accelerate innovation and growth.”
As a holistic solution provider in the sports, music and entertainment industry, our visionary approach delivers solutions for legendary brands. Legends is led by industry veterans with an unparalleled amount of collective experience in Global Planning, Global Sales and Hospitality. We are the architects of premium sports and entertainment guest experiences.
We are proud to serve our distinguished roster of sports, entertainment and attraction clients which consist of thought leaders, iconic brands and events including Yankee Stadium, AT&T Stadium, nearly 40 Live Nation venues, One World Observatory, Golden 1 Center, Manchester City FC, University of Notre Dame, Los Angeles Angels, Los Angeles Rams, San Diego Chargers, Atlanta Falcons, NFL, Rose Bowl, AS Roma, University of Southern California, Los Angeles Memorial Coliseum, LAFC, and Indianapolis 500. For more about Legends business and career opportunities, visit www.legends.net.
About New Mountain Capital
New Mountain Capital is a New York-based investment firm that emphasizes business building and growth, rather than debt, as it pursues long-term capital appreciation. The firm currently manages private equity, public equity and credit funds with approximately $15 billion in aggregate capital commitments. New Mountain seeks out what it believes to be the highest quality growth leaders in carefully selected industry sectors and then works intensively with management to build the value of these companies. For more information on New Mountain Capital, please visit www.newmountaincapital.com.