Goldman Sachs is getting into the talent agency business, with the private equity unit in the investment bank’s alternatives division taking a majority stake in Excel Sports Management in a deal valued at nearly $1 billion.
Founded in 2002 by Jeff Schwartz, Excel represents talent across multiple sports, including basketball, baseball, golf and football with a roster that features rising stars, MVPs, all-stars and Hall-of-Famers, including Caitlin Clark, Derek Jeter and Tiger Woods.
It also partners with leading sports properties like Formula 1, the NBA, EPL, NFL, MLB, MLS and NCAA on rightsholder sponsorship sales representation, executive search and advisory services.
Additionally, the agency’s brand marketing division delivers a full range of services across strategy, creative, activation and analytics to many of the top brands in the world across sports, entertainment and culture. It also has leading speakers, hospitality and event management businesses. In addition to Schwartz, Excel is led by managing partners Mark Steinberg and Casey Close and partners Emilio Collins and Alan Zucker.
“Goldman Sachs is an exceptional partner for Excel Sports Management as we advance into our next stage of growth,” Schwartz said in a statement. “Our organizations share a mutual commitment to excellence and integrity, and both define success by the success of our clients. Goldman’s access, expertise and extensive resources will provide a powerful platform to accelerate Excel’s expansion and enhance the value we deliver to our clients worldwide.”
Goldman Sachs, which has over $3.5 trillion in assets under supervision globally as of Sept. 30, established its private equity unit in its alternatives division in 1986. Since inception, it has invested over $75 billion.
“We have been impressed with Excel’s position at the heart of the fast-growing sports ecosystem and believe in their sustained, long-term success,” Goldman Sachs Alternatives private equity partner Leonard Seevers added. “Excel capitalizes on the combination of deep consumer loyalty to sports franchises, premier brands and continued innovation in fan engagement, and we are excited to partner with Jeff and the rest of the Excel team to unlock new possibilities across the broader industry. We are confident that we can deliver our One Goldman Sachs approach to be a value-add partner in Excel’s next chapter of growth ambitions, leveraging our expertise as a global investment bank, premier wealth manager and one of the world’s largest investment managers.”
The transaction is subject to customary closing conditions, including regulatory approvals. Terms of the transaction were not disclosed, but Front Office Sports reports that the deal will value the business at nearly $1 billion.
Moelis & Company served as financial advisor and Katten Muchin Rosenman LLP served as legal advisor to Excel, while Goldman Sachs served as its own financial advisor and Latham & Watkins LLP served as legal counsel.
Shamrock Capital, a leading investment firm in sports, media, entertainment, and communications and Excel’s strategic minority investor since 2020, will exit as part of the transaction. LionTree Advisors served as financial advisor to Shamrock Capital on the transaction.
