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NFL-Backed Event Business Is Nearing Sale to Endeavor

NFL-Backed Event Business Is Nearing Sale to Endeavor

(Bloomberg) -- On Location Experiences, the high-end events business partly owned by the NFL, is nearing a sale to Endeavor LLC for roughly $650 million to $700 million, people familiar with the matter said.

On Location offers luxury travel, accommodations, and experiences like on-field and post-game access at the Super Bowl and international sports events. It has a number of major rights in its portfolio, including deals with the NCAA, the Masters, grand slam tennis events and the Ryder Cup. There are still issues being discussed, and a deal might not be imminent.

The company’s owners also include Bruin Sports Capital, RedBird Capital and the Carlyle Group, said the people, who asked not to be identified because the matter is private. On Location began exploring a sale after receiving expressions of interest last year. The NFL plans to keep its stake, one of the people said.

Endeavor, parent of a leading Hollywood talent agency, has been adding to its entertainment assets, which include the Ultimate Fighting Championship and Miss Universe. It also has a streaming service with clients that include World Wrestling Entertainment Inc., the NFL and NBA. The company plans to file for an initial public offering, the Wall Street Journal said last month.

On Location also partners with music festivals and has eyed international expansion to link with major events and rights holders like the Olympics, FIFA and Formula One racing.

Sales, Earnings

The company generated about $600 million in revenue and $55 million in earnings before interest, taxes, depreciation and amortization, a person familiar with the matter told Bloomberg in December. About 40 percent of profit is related to the NFL, with 40 percent coming from other sports and 20 percent attributed to music and travel, the person said.

Bruin and RedBird each own more than 30 percent of the company, according to one of the people. The NFL has about 20 percent, while Carlyle has about 10 percent. Bruin and RedBird acquired the business for about $70 million in April 2015, one person said.

To contact the reporter on this story: Scott Soshnick in New York at ssoshnick@bloomberg.net

To contact the editors responsible for this story: Nick Turner at nturner7@bloomberg.net, Rob Golum

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