EQT makes what could be debut deal from €20bn-targeting Fund X with UTA buyout from Investcorp

Jul 19, 2022 | News | 0 comments

Global buyout major EQT has agreed to buy Investcorp‘s stake in talent and entertainment business United Talent Agency.

EQT said the investment is expected to be the first from its EQT X fund, which is currently out targeting €20bn with a €21.5bn hard cap.

That fund will be between 5% and 10% committed following the UTA deal. Its predecessor fund EQT IX is currently between 85% and 90% invested.

UTA partners with influential talent across the sports, entertainment, media, and technology sectors and with major corporate brands, providing representation, content production and strategic advisory and marketing.

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Investcorp invested in UTA in 2018 alongside the Public Sector Pension Investment Board and other institutional co-investors.

Since then UTA has more than tripled its EBITDA through organic growth and several strategic acquisitions.

The company entered sports representation through its acquisition of KLUTCH Sports, digital influencer management through its acquisition of DBA and brand consulting through its acquisition of MediaLink. It also entered the European market recently through its acquisition of Curtis Brown Group.

Kasper Knokgaard, EQT partner and global head of the services sector team, said, “EQT invests in industry leading platforms that are well situated for strong and sustained growth across economic cycles, are aligned with our values, and where we know we can create significant value – UTA checks all the boxes.

“We are excited to partner with Jeremy Zimmer and the entire team to accelerate UTA’s growth trajectory and enable more opportunities across entertainment and media.”

Source: Alt Assets

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