(CelebrityAccess) – Endeavor has acquired a majority stake in premium hospitality firm On Location Experiences in a deal valued at an estimated $660 million.
On Location, which stages auxiliary experiences for fans and corporate clients around big events in sports, music, fashion and entertainment, last year executive produced the Bud Light Super Bowl Music Fest. Originally a part of the NFL, the company has been privately held since 2015 by RedBird Capital Partners, Bruin Sports Capital, the Carlyle Group and the NFL’s investment arm 32 Equity. Under the terms of the new deal, the league will continue to be a minority shareholder and retain its seat on the board of directors.
Paul Caine, a former chief revenue officer at Bloomberg, CEO at Westwood One and executive vp, chief revenue officer and group president at Time Inc., will serve as president, while On Location CEO John Collins will advise On Location and Endeavor through the integration period.
“We are excited to partner with Endeavor to grow On Location Experiences globally,” NFL commissioner Roger Goodell said in a statement. “We are committed to offering NFL fans unique and first-class experiences at our events. On Location shares this commitment and delivers value for its partners and delights fans at events around the world.”
“By bringing together a leader like On Location with Endeavor’s access and reach, we can advance the way consumers and brands think about money-can’t-buy experiences,” added Endeavor CEO Ariel Emanuel. “Partnering with the NFL will enable us to leverage the best-in-class executions around one of the biggest events in the world, the Super Bowl, and extend this same level of service and experiences to other sports and entertainment properties globally.”
Endeavor also owns mixed martial arts league UFC.