A Carlyle Group (Nasdaq: CG)-led consortium is buying PrimeSport Holdings Inc. from Clearlake Capital Group LP.
PrimeSport, headquartered in Atlanta, sells tickets, travel packages and other hospitality-related services to sporting events, including the NCAA Final Four, College Football Playoff, Daytona 500 and others. Terms of the deal were not disclosed.
Moorad Sports Partners and RSE Ventures are joining Carlyle to buy the business. PrimeSport's management and Clearlake will both retain stakes in the company. Moorad Sports was founed by Jeff Moorad, a former sports agent who held a partial stake in Major League Baseball team the Arizona Diamondbacks and was the lead partner in a group that owned the San Diego Padres, until 2012. RSE Ventures is a New York-based sports and entertainment venture firm founded by Stephen Ross, the owner of National Football League team the Dolphins.
Clearlake, a Santa Monica, California-based private equity firm, invested in PrimeSport in 2014. During its ownership period, the firm added on Steve Furgal's International Tennis Tours, bringing tennis into the mix of sports for which that PrimeSport offers tickets and other packages. With the new investors, the company plans to continue making acquisitions.
Earlier in February, Clearlake combined FrontRange and Lumension into a software company called Heat Software. In October, the firm bought Sage Automotive Interiors. Since it launched in 2006, the firm has committed about $3 billion to about 70 different investments.
The deal follows several other travel-related acquisitions, including Expedia Inc.'s planned acquisition of Orbitz, which was announced earlier in February. In early February, rumors swirled that TripAdvisor Inc., a website that provides travel recommendations and other services, was a likely acquisition target, potentially for Priceline (Nasdaq: PCLN) or Expedia.