Bain Capital, Nextalia to acquire Deltatre from Bruin Sports Capital

Andrea Marini, CEO of Deltatre, will continue to lead the business with the existing management team and remain a significant shareholder in the business, according to a press release.

The company, which provides streaming services for several premium sports properties, including the US National Football League, UEFA and US media giant Warner Bros. Discovery, is expected to generate USD 180m of revenue in 2022, the statement said.

Bain said in a press release that it will look to grow the company by providing expertise in the revenue model, delivery, talent and M&A.

Bain Capital is currently running its Europe V fund, which reached a final close of EUR 4.35bn in July 2018, according to unquote data. Additionally, it registered Bain Capital Europe VI in November 2021.

The Italian GP, meanwhile, is raising its first Nextalia Private Equity Fund with a target of EUR 800m. It held a first close last November at EUR 563m.

Bruin Sports Capital, a US-based media, sports, marketing and branded lifestyle private equity investor, originally sought to exit the business in late 2019, although the process was hampered by the onset of the Covid-19 pandemic after reaching its second phase.

The sale process was relaunched earlier this year drawing in a clutch of strategic bidders, including Sportradar and Stats Perform, as well as private equity bidders including Ardian, Providence, EQT and Intermediate Capital Group, according to Mergermarket.

The company was expected to be valued at EUR 800m-EUR 1bn based on around EUR 50m EBITDA, as reported.

Bruin acquired Deltatre in 2016 when it was reportedly valued at around EUR 150m.

Company
Deltatre is a provider of over-the-top streaming, website and app development, among others, for the consumes sport, media, and entertainment sector. It is based in Turin and employs around 1,000 employees.

People
Deltatre – Andrea Marini (CEO)
Bain Capital – Luca Bassi (managing director)
Nextalia – Francesco Canzonieri (CEO)

Advisors
Equity – HSBC, Nomura (M&A); Weil Gotshal & Manges and Legance, Gatti Pavesi Bianchi Ludovici (legal)

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