Creative Artists Agency has a brand new majority proprietor in French billionaire Francois-Henri Pinault. After months of negotiations. Artémis, the Pinault household’s funding firm, has agreed to accumulate the bulk stake in CAA that was beforehand held by world funding agency TPG.
No financials have been disclosed however the pact for the stake, mentioned to be within the 50%-60% vary, was beforehand reported to be within the $7B ballpark. The transaction is anticipated to be accomplished later this yr.
CAA’s present management workforce will stay intact. Bryan Lourd, Kevin Huvane, and Richard Lovett have every made long-term offers and can stay the Co-Chairmen. Lourd is anticipated to be named CEO following the transaction, a brand new place on the company. Jim Burtson, who led the CAA deal workforce, will stay President of CAA.
Singapore-headquartered world funding agency Temasek and China’s CMC Capital will stay minority buyers in CAA; I hear the sizes of their stakes might endure adjustment in mild of the transaction.
The deal closes a 13-year TPG chapter in CAA’s historical past marked with a collection of acquisitions, most notably that of rival ICM Partners a yr in the past, whereas opening a brand new one.
“Artémis is a strategic investor of the best order, with world attain and assets throughout numerous areas of our purchasers’ pursuits, a deeply refined understanding of worldwide manufacturers and how you can assist their progress, and a ardour for creativity and innovation that matches ours and that of our purchasers. François-Henri Pinault and his outstanding workforce, led by Héloïse Temple-Boyer and Alban Greget, share our imaginative and prescient for a way forward for limitless new alternatives,” mentioned CAA’s Lourd, Lovett, Huvane and Burtson. “We are enormously grateful to TPG for his or her strategic experience, invaluable assist, and friendship over 13 years. We loved super progress and success collectively and sit up for persevering with to collaborate on initiatives forward.”
Artémis has consolidated property of greater than $40 billion with holdings that embrace Kering, the luxurious items group that’s residence to Gucci, Saint Laurent, Bottega Veneta, Balenciaga, Alexander McQueen, Brioni, and different luxurious manufacturers; public sale home Christie’s; the modern artwork Pinault Collection; and Artémis Domaines, which encompasses a set of wine estates, together with Château Latour.
In addition to his luxurious manufacturers, Pinault has had ties to Hollywood by way of his spouse, actor-producer Salma Hayek. She is represented by CAA the place her workforce has been led by Lourd.
“As a pacesetter in its subject with an impressive administration workforce, a crystal-clear deal with offering world-class service to world-class purchasers and an amazing monitor document of progress, CAA has all of the related traits to be a part of the Artémis household, including elevated variety, each by way of geographical footprint and enterprise actions, to our different property,” mentioned Pinault, Artémis CEO. “CAA’s distinctive perception, relationships, and entry throughout key sectors, mixed with their broadly regarded stage of collaboration and innovation, offers the corporate a formidable position in driving world alternatives for its numerous and culture-defining purchasers. We sit up for supporting the company’s very brilliant path forward.”
Allen & Company LLC served as monetary advisor to CAA, and Wachtell, Lipton, Rosen & Katz served as authorized counsel. Rothschild & Co served as monetary advisor to Artémis, and Cleary Gottlieb Steen & Hamilton LLP served as authorized counsel. Ropes & Gray LLP served as authorized counsel to TPG. Sullivan & Cromwell LLP served as authorized counsel to Temasek.
“CAA has dramatically expanded its platform over the previous 13 years and right now operates because the premier gateway for main expertise and content material creators globally,” mentioned Jim Coulter, Executive Chairman and Co-Founder of TPG. “This has been a trademark partnership for our agency, and we want the workforce continued success in its subsequent chapter.”