(Bloomberg) -- On Location Experiences, a high-end events business partly owned by the National Football League, is exploring a sale after receiving expressions of interest, according to people familiar with the matter.
Possible buyers include Endeavor, the talent agency and entertainment group, and concert promoter Live Nation Entertainment Inc., said the people, who asked not to be identified because the talks are private. The four-year-old company, whose investors also include RedBird Capital, Bruin Sports Capital and the Carlyle Group, may fetch more than $800 million, one person said.
There’s no formal sale process underway, according to the people, who said On Location has yet to hire a banker. The company chose to weigh its options after receiving inquiries about a potential sale or investment. It’s possible a deal won’t materialize, they said.
John Collins, chief executive officer of On Location, declined to comment, as did RedBird and Bruin. Kevin LaForce, who oversees the NFL’s investment fund, didn’t respond to an email seeking comment.
Officials at Endeavor and Live Nation didn’t immediately respond to requests for comment by phone and email.
On Location generates about $600 million in revenue and $55 million in earnings before interest, taxes, depreciation and amortization, one of the people said. About 40 percent of profit is related to the NFL, with 40 percent coming from other sports and 20 percent attributed to music and travel, the person said.
On Location offers luxury travel, accommodations and experiences like on-field and post-game access at the Super Bowl and international sports events. Through its acquisition of PrimeSport last year, the company added a number of major sports rights holders to its portfolio, including the NCAA, the Masters, grand slam tennis events and the Ryder Cup.
The company also partners with music festivals and has eyed international expansion to link with major events and rights holders like the Olympics, FIFA and Formula 1 racing.
RedBird and Bruin each own more than 30 percent of On Location, according to one of the people. The NFL has about 20 percent, while Carlyle has about 10 percent. Eric Grubman, a former NFL executive vice president of business operations who left the league in June, is chairman of On Location’s board.
To contact the reporter on this story: Scott Soshnick in New York at email@example.com
To contact the editors responsible for this story: Nick Turner at firstname.lastname@example.org, Rob Golum
©2018 Bloomberg L.P.