Bruin Sports Raises $600 Million From CVC, Jordan to Fund Growth

(Bloomberg) -- Bruin Sports Capital, the sports and entertainment firm run by former Nascar and IMG executive George Pyne, raised $600 million from CVC Capital Partners and the Jordan Co. to fund its expansion.

The agreement is part of a wider accord between the parties that could ultimately provide “billions in capital,” Bruin said Tuesday. The partnership will give the company the funds and the network to accelerate its growth.

“This begins the next chapter for Bruin, on an even bigger and more global scale,” Pyne said in a statement.

Bruin’s portfolio includes the live-video streaming service Deltatre and On Location Experiences, a high-end events business partly owned by the National Football League. Endeavor was nearing an agreement to purchase On Location earlier this year but a deal hasn’t been completed.

London-based CVC has $129 billion of funds committed. Its sports investments include Premiership Rugby, England’s top rugby league. CVC also owned Formula One for a decade before selling it to John Malone’s Liberty Media Corp. for $4.4 billion.

Jordan Co., which is based in New York, bought a stake in Bruin held by WPP Plc, which was an early investor. As part of the new agreement, the private equity firm is also providing additional investment.

Pyne left IMG in 2014 and launched Bruin the following year. Prior to that he was chief operating officer of Nascar.

To contact the reporters on this story: Eben Novy-Williams in New York at enovywilliam@bloomberg.net;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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