UTA Lands Private Equity Investment From EQT as Part of Next Phase of Growth
19.07.2022 - 01:55
/ thewrap.com
United Talent Agency has landed a private equity investment from the firm EQT that will help the agency fuel its “next phase of growth,” the two companies announced Monday. Under the transaction, EQT will become the largest outside shareholder in the company, but UTA partnership and leadership will continue to have a controlling interest in the company. Both UTA and EQT are interested in expanding and investing in talent, innovation and international expansion.As part of the transaction, Investcorp, a global alternative investment firm, which invested in UTA in 2018, will sell its full minority stake to EQT, and EQT will also purchase a portion of existing stakes from continuing shareholders including PSP Investments.All employees at UTA regardless of level or tenure are expected to benefit financially from the new investment, an individual with knowledge of the deal tells TheWrap.
The transaction is expected to close later this month. UTA’s push for expansion comes on the heels first of the agency’s own acquisition of the UK literary and talent agency Curtis Brown Group back in June, as well as rival CAA’s acquisition of ICM Partners. UTA has doubled its number of employees to approximately 1,900 over the last four years.
“EQT is the perfect partner for UTA’s next phase of growth. They have deep international capabilities, a strong balance sheet, and most importantly they truly appreciate and respect the culture that we have built at UTA. David Kramer and I led this process, and we made sure to listen to our instincts about who we felt would really help us drive growth while protecting our culture.
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