Global alternative asset management firm TPG has announced the formation of a new company focused on talent management, representation, and related businesses.
The new venture will “acquire, invest behind, and build a diversified global business centered on talent management, representation, and adjacent verticals,” TPG said Friday (June 28).
The new venture will make its first investment in Untitled Entertainment, a Hollywood talent management firm with a 25-year track record, specializing in all areas of the industry including film, TV, theater, fashion, digital media, and music. Untitled is currently majority owned by Boat Rocker Media.
According to news reports, TPG is paying CAD $51.6 million (USD $37.6 million) for Boat Rocker’s stake in Untitled, along with 8.8% of the common equity in the new company.
TPG has named Michel Pratte, former President of Boat Rocker Media, to lead the newly established company, alongside Eric Taitz, former EVP of Corporate Development and Strategy at Boat Rocker, who will serve as Chief Operating Officer.
“As the broader entertainment industry continues to evolve, a more complex landscape means more opportunities than ever for ambitious talent and their representatives,” said Pratte.
“As the broader entertainment industry continues to evolve, a more complex landscape means more opportunities than ever for ambitious talent and their representatives.”
Michel Pratte, Boat Rocker Media
TPG has a history of investing in the entertainment industry, will holdings in companies like Creative Artists Agency (CAA), Spotify, Musixmatch, Fandom, and more. The new venture signals TPG’s growing interest in the talent management sector.
Following the investment in Untitled Entertainment, the latter’s Founding Partners, Jason Weinberg and Stephanie Simon, will each invest a “significant financial interest” into the new entity alongside Boat Rocker, Untitled’s current majority owner. Weinberg and Simon will remain Co-CEOs and Partners leading Untitled.
“This new company will empower Untitled and a future group of complementary talent-centric businesses to harness the extraordinary talents of diverse clients on their journey to achieving their highest career ambitions,” added Pratte.
“I look forward to building this Company with TPG, continuing my fifteen-plus year relationship with Boat Rocker, and working even more closely with Jason, Stephanie, Untitled Partners Evan Hainey, Elise Konialian, Jennifer Levine, Jason Newman, Alissa Vradenburg, and the entire Untitled team.”
“The teams at TPG and Boat Rocker share our belief that scaled offerings are the future of talent management and together, we are focused on building a management and representation business with expanded resources for managers and their clients.”
Jason Weinberg and Stephanie Simon, Untitled Entertainment
“The teams at TPG and Boat Rocker share our belief that scaled offerings are the future of talent management and together, we are focused on building a management and representation business with expanded resources for managers and their clients,” Weinberg and Simon said.
“With a broader ecosystem of relationships, shared services departments, better client management tools, and new avenues for collaboration, this partnership ushers in a new chapter for Untitled while maintaining the culture and mission that has guided us for many years. We are excited to build on Untitled’s strong momentum and for the many opportunities ahead.”
TPG’s middle market and growth equity platform TPG Growth is funding the investment.
Jacqui Hawwa, a Business Unit Partner at TPG Growth, said: “We see an opportunity to leverage TPG’s longstanding experience partnering with leading players in the space to create a talent representation company with the resources and capabilities to benefit managers and the talent they serve.
“Untitled has a strong reputation within the entertainment industry and an impressive roster of clients. Their team is an ideal first partner and we see a significant opportunity to scale the Company and ultimately collaborate across multiple complementary talent verticals with subsequent investments. Together with Michel, Jason, and Stephanie we have the right team in place to build an industry-leading company.”
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