Just Marketing Sells Majority Share To Spire, Credit Suisse
Indianapolis-based Just Marketing Int'l, which counts the IndyCar Series and the NASCAR HOF among its clients, "has taken on private-equity firm Spire Capital Partners and Credit Suisse as majority partners," according to Michael Smith of SPORTSBUSINESS JOURNAL. Though the terms of the deal were not released, "industry analysts pegged it in the mid-eight figures for an undisclosed majority of the business." Just Marketing's '07 revenue was "close to $80[M]." Just Marketing's management team is "expected to remain in place," and the company's Founder & CEO Zak Brown said that "he'll remain a minority partner in the business as well." Brown said that the goal is to "triple the size of the business in the next five years or so." Brown: "It's going to be business as usual, except we just got bigger and badder." Brown "intends to add about 50 employees to the staff of his suburban Indianapolis office over the next three-plus years and he has budgeted $3.1[M] to expand infrastructure." Just Marketing has 130 employees in six offices in four countries and "manages over $300[M] in sponsorship spending by clients such as Subway, Crown Royal, Lenovo, DirecTV and BMW, among others." Spire's investment "gives the private-equity firm another foot in sports," as Spire already owns the PBR. Allen & Co., N.Y., served as Brown's investment bank and consultant on the deal (SPORTSBUSINESS JOURNAL, 6/9 issue).
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