UTA has found a new investor in the private equity firm EQT, which has purchased a minority stake in the Hollywood agency from Investcorp.
Under the transaction, which is expected to close later this month, “UTA partnership and leadership continue to hold the controlling interest in the company, with EQT becoming the largest outside shareholder,” per the companies.
A source tells Variety that every employee at UTA — no matter their level at the company or length of employment at the agency — will benefit financially from the investment by receiving a check as a result of the transaction.
The deal between UTA and EQT comes on the heels of the close of the game-changing merger between CAA and ICM, to of the “Big Four” Hollywood agents, along with UTA and WME.
“EQT is the perfect partner for UTA’s next phase of growth,” UTA CEO Jeremy Zimmer said. “They have deep international capabilities, a strong balance sheet, and most importantly they truly appreciate and respect the culture that we have built at UTA. David Kramer and I led this process, and we made sure to listen to our instincts about who we felt would really help us drive growth while protecting our culture. We believe that we found the right partner to maintain that balance.”
Kasper Knokgaard, EQT partner and global head of the services sector team, added: “EQT invests in industry leading platforms that are well situated for strong and sustained growth across economic cycles, are aligned with our values, and where we know we can create significant value – UTA checks all the boxes. We are excited to partner with Jeremy Zimmer and the entire team to accelerate UTA’s growth trajectory and enable more opportunities across entertainment and media.”
More to come…
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Source by variety.com
