Sports and entertainment content company Endeavor Group Holdings is carving out a space in the tours and activities sector after buying a majority stake in experiential hospitality provider On Location Experiences.
The acquisition, which was first reported in April, is said to be worth $660 million, according to Bloomberg.
As the official hospitality partner for the NFL (as well as a partner to more than 150 rights holders in major sports and music festivals), On Location arranges high-end immersive experiences and special access for corporate clients and fans.
It also operates Anthony Travel, the largest provider of collegiate sports travel management services.
The previous majority owners included Redbird Capital Partners and Bruin Sports Capital.
The NFL, which owned a minority interest in On Location through its investment arm 32 Equity, is reportedly increasing its stake to 20%, according to Bloomberg.
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“We are committed to offering NFL fans unique and first-class experiences at our events,” says NFL Commissioner Roger Goodell. “On Location shares this commitment and delivers value for its partners and delights fans at events around the world.”
On September 26, Beverly Hills, California-based Endeavor backed out of its planned initial public offering one day before trading began.
The deal allows the company to expand its portfolio, which already includes the William Morris Agency, Ultimate Fighting Championship and Miss Universe.
Says Ariel Emanuel, CEO of Endeavor: “By bringing together a leader like On Location with Endeavor’s access and reach, we can advance the way consumers and brands think about money-can’t-buy experiences.
“Partnering with the NFL will enable us to leverage the best-in-class executions around one of the biggest events in the world, the Super Bowl, and extend this same level of service and experiences to other sports and entertainment properties globally.”