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Legends Hospitality Sells Minority Stake To New Mountain Capital

Legends Hospitality has sold a minority interest in the company to New Mountain Capital, a N.Y.-based investment firm. New Mountain manages private and public equity and credits funds valued at $15B, and its long-term strategy is to invest in family-run business such as Legends, according to Legends President & CEO Shervin Mirhashemi. Legends’ primary owners are the Cowboys and Yankees. New Mountain Capital replaces Checketts Investment Fund as a third partner after former Legends Chair & CEO Dave Checketts left the firm in September '15. Mirhashemi noted this is New Mountain’s first investment in a sports and entertainment property. He said, "When the company was founded about 10 years ago, the original structure was having a strategic minority partner with the Cowboys and Yankees. Up to about a year and a half ago, when Live Nation became a strategic partner, we haven’t had that third partner. Meanwhile, we have experienced unprecedented growth and we thought it was time to start listening. We went through various talks with companies and ultimately landed on New Mountain. They will help us with capital projects. It will be no different for our clients. We just have more tools and financial capacity.” Legends, founded in October '08 by the two teams and Goldman Sachs, has gone through multiple minority partners over the past nine years. CIC Partners initially filled the role until its principal Mike Rawlings was elected mayor of Dallas in '11. Checketts Investment Fund replaced CIC Partners in January '12. Mirhashemi was hired in July '13 as President & COO, and has held the top post over the past four years. Legends is involved in most aspects of sports business, including feasibility studies, food service, ticketing, sponsorships and premium seat sales. 

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