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SBD Global/September 17, 2013/Finance

Sources Say KKR, New Mountain Pursue Joint Bid For Talent Agency IMG

Two people familiar with the matter said that private equity firm KKR & Co LP "has teamed up with New Mountain Capital LLC to bid for IMG, joining a handful of companies interested in buying the sports, fashion and marketing agency from Forstmann Little & Co," according to Roumeliotis, Kim & Damouni of REUTERS. KKR and New Mountain "would be competing against other buyout firms in a quest for IMG, as well as entertainment powerhouses Creative Artists Agency and William Morris Endeavor Entertainment, which have also been weighing offers for IMG." 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." CVC Capital Partners "is also involved in IMG's sale process." Buyout firm Bain Capital "also plans to bid." Initial offers "are due in the next few weeks" (REUTERS, 9/13).
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