Minnesota's MLS Bidders Seek More Time Fermata To Handle Notre Dame Licensing UT Teams Make "Vols" Transition ESPN Hires Castro To Host Boxing WWC: U.S.-Germany Draws 50,000-Plus NHL Free Agency Starts At Noon ET NBA's Salary Cap May Be Higher Than Thought More Of Fortune 500 Have NASCAR Ties Chevy To Sponsor Daytona Entrance Blatter Not Traveling To Canada
SBD/September 16, 2013/FinancePrint All
Private equity firm KKR "has teamed up with New Mountain Capital LLC to bid for IMG," according to sources cited by Roumeliotis, Kim & Damouni of REUTERS. Sources said that KKR and New Mountain "would be competing for IMG" against talent firms CAA and William Morris Endeavor. While KKR "may not have the industry expertise of CAA or William Morris, its partner New Mountain has deep ties to private equity firm Forstmann Little." New Mountain Founder Steven Klinsky formed the group in '00 after leaving Fortsmann Little. He was the "most senior partner at the firm outside of the Forstmann family and worked closely" with late IMG Chair Ted Forstmann. Sources said that CVC Capital Partners also is "involved in IMG's sale process." One source said that buyout firm Bain Capital "also plans to bid." Sources said that initial offers "are due in the next few weeks" (REUTERS, 9/13).