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TPG Capital, the very large private equity firm that owns Creative Artists Agency, is buying a payroll specialist, Entertainment Partners, at an undisclosed price.
Entertainment Partners' management team, led by President and Chief Executive Officer Mark Goldstein, will remain in place. The deal was announced Tuesday with plans to close the transaction during the second quarter.
"We are delighted to have found a partner excited about our strategic vision as we support the evolution of the entertainment industry," Goldstein said. "After decades of hard work and dedication from our talented team, and through a rewarding collaboration with experts – our clients – we have made great strides in digitization and stream integration. of production.
"We are now embarking on an exciting new chapter in which the important resources and expertise of TPG will significantly accelerate our vision," he added. "We look forward to a long-term productive partnership that will expand our opportunities to provide phenomenal service to our customers."
Entertainment Partners manages the roles and payroll of the background players through its Central Casting division.
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David Trujillo, a TPG partner, said, "Our investment in Entertainment Partners is the culmination of years of work in the entertainment software and payroll technology industry. Entertainment Partners is the market leader in this sector and we are delighted to partner with management to realize their customer-centric vision. "
"After investing in the continued proliferation of content across different forms of media, we believe in the high innovation and accelerated growth potential of Entertainment Partners," added Trujillo.
TPG Capital became a majority shareholder of CAA in 2014, marking the first time in its history that the talent agency was owned by an external investor. The private equity firm already held 35% of CAA's capital. TPG, created in 1992, manages more than $ 103 billion in badets.
The investment company EQT bought the entertainment pay specialist Cast & Crew Entertainment Services last year in Silver Lake.
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