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Eldridge Industries

From Wikipedia, the free encyclopedia

Eldridge Industries, LLC
TypePrivate investment
Founded2015; 6 years ago (2015)
FounderTodd Boehly
HeadquartersGreenwich, Connecticut, U.S.[1]
Websiteeldridge.com

Eldridge Industries LLC is a holding company headquartered in Greenwich, Connecticut, with offices in New York, London, and Beverly Hills.[1][2][3][4][5] Eldridge makes investments across the insurance, credit, technology, real estate, media, sports, and consumer industries.[1][6][7][8][9]

History

Eldridge was formed in 2015 by CEO and Chairman Todd Boehly, President Anthony D. Minella, and General counsel Duncan Bagshaw,[10][11] after Boehly purchased Dick Clark Productions, Billboard and The Hollywood Reporter, and Mediabistro from Guggenheim Partners.[8][4]

In March 2017, Eldridge led a round of funding estimated at over $100 million for DraftKings, a daily fantasy sports contest provider.[2][12] Eldridge also has a stake in the Los Angeles Dodgers;[13] Chavez Ravine, the acreage around Dodger Stadium;[14][15] Cloud9;[16] Atrium Sports;[17] The Ready Games;[18] and Epic Games.[10]

In 2017 Eldridge acquired, with a co-investor, Pittsburg-based NPC International, LLC, the largest franchisee of Pizza Hut (part of Yum Brands), and Wendy's.[19] On July 1, 2020 NPC filed for Chapter 11 bankruptcy.[20]

Eldridge seeded Essential Properties Realty Trust, a REIT that went public in June 2018 under the symbol NYSEEPRT.[21]

The firm also provided financing to Prescient, a building technology platform, for $50 million in July 2018.[22] Eldridge committed an additional $40 million in funding for the

company in June 2020 for a total of $90 million.[23][24]

In 2018, Eldridge also became a partner for the Global Citizen Festival, which was held in South Africa to honor the life and legacy of Nelson Mandela in his centenary year.[25]

In October 2019, Eldridge invested $300 million in real estate investment company Kennedy Wilson.[26]

In 2019, Eldridge increased its investment in Maranon Capital, an investment manager, resulting in Eldridge holding a majority ownership stake in the company.[27]

Eldridge committed €1 billion to Blackbrook Capital, an independent European real estate investment firm, in March 2020.[28][29]

Eldridge owns Security Benefit Life Insurance, an insurer with $40 billion in assets;[13] Valence Media;[30] CBAM Partners, an SEC-registered investment advisor;[31] Stonebriar Commercial Finance, a large ticket commercial finance and leasing company;[32] and co-owns Cain International, a London-headquartered real estate firm which owns The Beverly Hilton and Waldorf Astoria Beverly Hills.[33][34][35]

Eldridge owns a technology platform for insurance companies, SE2.[36][37] In 2019 SE2 and Life.io launched an integrated life insurance and annuity platform, SE2 Digital Engage.[38]

Thirteenth Floor Entertainment Group, an operator of horror-themed entertainment venues and escape rooms, is partially owned by Eldridge.[39][40]

Eldridge has invested in fintech companies PayActiv, Stash and Truebill.[41] The company has invested in technology companies Capital Integration Systems (CAIS),[42] Digital Asset,[43] and Cutover.[44]

In 2020, Eldridge participated in a $1.1 billion financing round for digital delivery service Gopuff.[45] The firm led a $475 million financing round for artificial intelligence company Dataminr.[46] Eldridge also invested in mobile game developer Tripledot Studios.[47]

Media holdings

In 2015, Eldridge put some of its media properties up for sale, including Adweek and the Clio Awards.[48] Adweek was sold a year later to Beringer Capital, a private equity firm that invests in digital media and marketing services.[49] The Clio Awards, a 58-year-old ad industry event, was sold to investment company Evolution Media in 2017.[50]

In December 2016, Billboard-Hollywood Reporter Media Group purchased the music publications Spin, Stereogum and Vibe from SpinMedia for an undisclosed amount.[51]

In February 2018, Eldridge announced it would be consolidating Dick Clark Productions and the Billboard-Hollywood Reporter Media Group with Media Rights Capital (a film and television studio that was funded by Guggenheim Partners) into the new company Valence Media.[52][53][54]

In December 2019, Valence acquired Nielsen Holdings' music data business.[55]

In January 2020, Valence sold music publications Spin and Stereogum to Next Management Partners.[56]

On July 22, 2020, Valence Media rebranded as MRC.[57] MRC's co-founders Asif Satchu and Modi Wiczyk serve as co-CEOs and Boehly serves as Chairman.[58] MRC also owns a minority stake in film distributor A24,[59] and London-based production company Fulwell 73.[60][13]

In November 2020, Eldridge acquired the music publishing rights to American rock band The Killers, covering the band's first five albums. Universal Music Publishing Group will continue to administer the catalogue.[61]

References

  1. ^ a b c "Company Overview of Eldridge Industries LLC". Bloomberg L.P. August 16, 2018.
  2. ^ a b "Dodgers' Boehly Leads $100 Million DraftKings Investment". Bloomberg. Retrieved 10 March 2017.
  3. ^ "About Us". Eldridge.com.
  4. ^ a b "Eldridge Industries". Crunchbase. Retrieved September 2, 2018.
  5. ^ "Dodgers Co-Owner Takes Stake in Beverly Hilton Hotel". Bloomberg L.P. August 17, 2018.
  6. ^ "Guggenheim Prepares To Sell Hollywood Reporter, Dick Clark Productions To Exec". Deadline.com. Retrieved 18 December 2015.
  7. ^ "Guggenheim Media Spins Off Money-Losing Hollywood Reporter, Billboard to Company President Todd Boehly (Exclusive)". The Wrap. Retrieved 18 December 2015.
  8. ^ a b "Hollywood Reporter Parent Company Spins Off Media Assets to Executive". The Hollywood Reporter. Retrieved 3 January 2016.
  9. ^ "Conn. PE Firm Eldridge Closes $1.4B In Funding". Law360. April 15, 2019.
  10. ^ a b "From CLOs to 'Ozark,' ex-Guggenheim president builds an empire". Financial Planning. 2019-09-09. Retrieved 2020-06-16.
  11. ^ "Duncan Bagshaw". www.bloomberg.com. Retrieved 2020-06-16.
  12. ^ Curt Woodward (March 9, 2017). "Another $100 million in financing for DraftKings". The Boston Globe.
  13. ^ a b c Childs, Mary. "Former Guggenheim President Todd Boehly Is Growing His Investment Empire, From the Dodgers to Collateralized Loans". www.barrons.com. Retrieved 2020-06-16.
  14. ^ Childs, Mary (12 April 2019). "Former Guggenheim President Todd Boehly Is Growing His Investment Empire, From the Dodgers to Collateralized Loans". www.barrons.com. Retrieved 2020-09-16.
  15. ^ Garcia, David G. (2006). "REMEMBERING CHAVEZ RAVINE: CULTURE CLASH AND CRITICAL RACE THEATER". Chicana/O Latina/o Law Review. 26 (1). ISSN 1061-8899.
  16. ^ Perez, Matt. "Cloud9 eSports Team Closes Series A Funding, Investors Include Joe Montana, Alexis Ohanian". Forbes. Retrieved 2020-06-16.
  17. ^ Young, Jabari (2019-12-16). "Atrium Sports buys sports analytics provider Synergy to create $100 million sports data and AI company". CNBC. Retrieved 2020-06-16.
  18. ^ "Ready raises $5 million for hyper-casual esports platform". VentureBeat. 2019-08-27. Retrieved 2020-06-16.
  19. ^ Pizza Hut’s largest franchise operator weighs options, including bankruptcy Retrieved July 1, 2020
  20. ^ Pizza Hut’s largest U.S. franchisee files for Chapter 11 bankruptcy Retrieved July 1, 2020
  21. ^ Kristy Westgard (June 21, 2018). "'Retail Apocalypse' Didn't Scare This Landlord Off an IPO". Bloomberg L.P.
  22. ^ Iris Dorbian (July 23, 2018). "Prescient snags $50 mln Series E". PE Hub.
  23. ^ "Construction Tech Co. Prescient Gets $90M Financing - Law360". www.law360.com. Retrieved 2020-09-16.
  24. ^ "Prescient receives $90M in funding". Construction Dive. Retrieved 2020-09-16.
  25. ^ Lexy Perez (July 9, 2018). "Beyonce, Jay-Z Among Headliners at Global Citizen Festival Honoring Nelson Mandela Centennial". The Hollywood Reporter.
  26. ^ "Kennedy Wilson receives $300M investment, announces new $1.5B target for West Coast fund". The Real Deal Los Angeles. 2019-10-18. Retrieved 2020-06-16.
  27. ^ "Eldridge Industries Acquires Majority Ownership Position in Maranon Capital". www.businesswire.com. 2019-02-04. Retrieved 2020-08-11.
  28. ^ "Industry Veterans Launch European Specialist Real Estate Investment Firm Blackbrook Capital". Blackbrook. Retrieved 2020-08-11.
  29. ^ IPE Staff (3 March 2020). "New European property investment firm gets €1bn capital backing". Real Assets. Retrieved 2020-08-11.
  30. ^ Wallenstein, Andrew (2018-02-01). "Media Rights Capital, Dick Clark Prods., THR-Billboard Form Combined Company". Variety. Retrieved 2020-06-22.
  31. ^ "CLO Roundup: CBAM marketing its fourth $1B CLO of the year". Asset Securitization Report. 2017-11-17. Retrieved 2020-06-22.
  32. ^ Finance, Stonebriar Commercial. "Stonebriar Set to Close its Fifth Equipment Securitization Transaction for $650 Million". www.prnewswire.com. Retrieved 2020-06-22.
  33. ^ "From CLOs to 'Ozark,' ex-Guggenheim president builds an empire". Financial Planning. 2019-09-09. Retrieved 2020-06-22.
  34. ^ Gittelsohn, John; Clark, Patrick (17 August 2018). "Dodgers Co-Owner Takes Stake in Beverly Hilton Hotel". www.bloomberg.com. Retrieved 2020-06-22.
  35. ^ Lazaroff, Leon. "Dick Clark Productions deal expected to close in coming weeks". TheStreet. Retrieved 2020-06-22.
  36. ^ "From CLOs to 'Ozark,' Ex-Guggenheim President Builds an Empire". BloombergQuint. Retrieved 2020-08-18.
  37. ^ SE2 (2020-06-30). "SE2 named a Leader in Life, Annuities, and Pensions BPS by NelsonHall". GlobeNewswire News Room. Retrieved 2020-08-18.
  38. ^ Chicago, Finn Partners (2019-09-19). "SE2 and Life.io Announce Integrated, End-To-End Digital Engagement Solution That Reimagines Selling and Policy Servicing of Life Insurance". GlobeNewswire News Room. Retrieved 2020-08-18.
  39. ^ Childs, Mary. "Former Guggenheim President Todd Boehly Is Growing His Investment Empire, From the Dodgers to Collateralized Loans". www.barrons.com. Retrieved 2020-08-18.
  40. ^ OKONEmailFollow, B. O. B. "Thirteenth Floor plans haunted house at Old Joliet Prison". www.theherald-news.com. Retrieved 2020-08-18.
  41. ^ Basak, Sonali; Surane, Jennifer (1 April 2020). "US Hourly Workers Pressured by Crisis to Get Paid Sooner". www.bloomberg.com. Retrieved 2020-06-22.
  42. ^ Hu, David French, Krystal (2020-11-18). "Boehly's Eldridge invests in financial technology firm CAIS". Reuters. Retrieved 2021-05-10.
  43. ^ "Digital Asset Bags $120M in Series D". vcnewsdaily.com. Retrieved 2021-05-10.
  44. ^ "Orchestration platform Cutover raises $35M for digital transformations". VentureBeat. 2021-03-03. Retrieved 2021-05-10.
  45. ^ Staff, Reuters (2021-03-23). "GoPuff raises $1.15 billion at nearly $9 billion valuation from SoftBank, others". Reuters. Retrieved 2021-05-10.
  46. ^ "Dataminr raises $475M on a $4.1B valuation for real-time insights based on 100k sources of public data". TechCrunch. Retrieved 2021-05-10.
  47. ^ "Tripledot raises $78 million for London-based mobile game studio". VentureBeat. 2021-04-08. Retrieved 2021-05-10.
  48. ^ Keith J. Kelly (May 31, 2016). "AdWeek, Clio Awards put up for sale". New York Post.
  49. ^ "Adweek acquired by private equity firm Beringer Capital". TechCrunch. Retrieved 19 July 2016.
  50. ^ "Clio Awards Acquired by Global Investment Firm Evolution Media". Adweek. Retrieved 2018-03-29.
  51. ^ "Hollywood Reporter-Billboard Group acquires Spin, Vibe and Stereogum". The Los Angeles Times. December 23, 2016. Retrieved December 13, 2018.
  52. ^ Wallenstein, Andrew (2018-02-01). "Media Rights Capital, Dick Clark Prods., THR-Billboard Form Combined Company". Variety. Retrieved 2020-06-29.
  53. ^ "From CLOs to 'Ozark,' ex-Guggenheim president builds an empire". Financial Planning. 2019-09-09. Retrieved 2020-06-29.
  54. ^ Wallenstein, Andrew (2018-02-01). "Media Rights Capital, Dick Clark Prods., THR-Billboard Form Combined Company". Variety. Retrieved 2018-03-29.
  55. ^ Steele, Anne (2019-12-18). "Billboard Parent Buys Nielsen Music". Wall Street Journal. ISSN 0099-9660. Retrieved 2020-07-22.
  56. ^ "Billboard-The Hollywood Reporter Media Group Sells Spin, Agreement in Place for Sale of Stereogum". Billboard. 2020-01-16. Retrieved 2020-08-18.
  57. ^ Goldsmith, Jill (2020-07-22). "THR Parent Valence Media Rebrands As MRC". Deadline. Retrieved 2020-07-22.
  58. ^ Tony Maglio (February 1, 2018). "THR to Combine With Dick Clark Productions, 'House of Cards' Studio in New Todd Boehly Banner". TheWrap.
  59. ^ Diane Haithman (February 2, 2018). "Billboard-Hollywood Reporter, Dick Clark Productions and MRC Merge as Valence Media". Los Angeles Business Journal.
  60. ^ "Eldridge Industries Announces $1.36 Billion Equity Investment". www.businesswire.com. 2019-04-15. Retrieved 2020-06-29.
  61. ^ "The Killers' Catalog Acquired in Eldridge's First Music Publishing Deal". Billboard.

External links

This page was last edited on 11 May 2021, at 05:55
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