CAA Owner TPG Buying Payroll Specialist Entertainment Partners
TPG Capital, the massive private equity firm that owns Creative Artists Agency, is buying payroll specialist Entertainment Partners for an undisclosed price.
Entertainment Partners’ management team, led by president and CEO Mark Goldstein, will continue in their roles. The agreement was announced Tuesday with plans to close the deal during the second quarter.
Related stories
Writers Guild Posts Scathing Video Attack on Agency Packaging
Jeffrey Katzenberg's Quibi Names CAA Agent Jim Toth as Head of Content Acquisitions and Talent
Frank Grillo Signs With CAA (EXCLUSIVE)
“We’re thrilled to have found a partner that is excited about our strategic vision as we support the evolution of the entertainment industry,” Goldstein said. “Through decades of hard work and dedication by our talented team, and through a rewarding collaboration with the experts – our clients – we have made great strides toward digitizing and integrating production workflow.”
“We now begin an exciting new chapter in which the significant resources and expertise of TPG will greatly accelerate our vision,” he added. “We look forward to a productive long-term partnership that advances our opportunities to deliver phenomenal service to our clients.”
Entertainment Partners handles casting and payroll for background actors through its Central Casting division.
TPG Partner David Trujillo 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 excited to partner with management on their client-first vision for the company.”
“Having invested in the continued proliferation of content across various forms of media, we believe in Entertainment Partners’ strong potential for innovation and accelerated growth,” Trujillo added.
TPG Capital became a majority stakeholder in CAA in 2014, marking the first time in its history that the talent agency was owned by an outside investor. The private equity firm already held a 35% stake in CAA. TPG, founded in 1992, has more than $103 billion of assets under management.
Investment firm EQT bought rival entertainment payroll specialist Cast & Crew Entertainment Services last year from Silver Lake.
Skadden, Arps, Slate, Meagher & Flom LLP advised Entertainment Partners, including partners David Eisman and Brian McCarthy, and associates Kristin Ellsworth and Samantha Coxe.
Sign up for Variety’s Newsletter. For the latest news, follow us on Facebook, Twitter, and Instagram.
