Providence investment in The Team will fund founder stake purchase

Providence Equity Partners has made an additional Providence investment in The Team, the Los Angeles sports, music and talent agency formerly known as Wasserman, PE Hub reported. Financial terms were not disclosed, leaving the valuation and size of the new capital commitment unspecified.

The new funding will be used by The Team to acquire founder Casey Wasserman’s remaining ownership interest in the company, according to PE Hub. Providence first invested in the agency in 2022, and the latest transaction would further shift ownership away from the founder of the business, who established the then-eponymous agency in 2002.

The transaction is expected to close in the second half of 2026, PE Hub reported. At closing, Michael Watts, who has been president since 2014, is due to become chief executive officer.

What is Providence buying in The Team?

The reported transaction is an additional investment by Providence into an existing portfolio relationship, rather than a newly announced first-time acquisition. The capital is earmarked for The Team’s purchase of Wasserman’s remaining stake, which means the deal concerns founder ownership in the agency rather than a disclosed merger with another operating business.

The Team operates across sports, music and talent representation, according to PE Hub. The business was previously called Wasserman, reflecting Casey Wasserman’s role as founder, before adopting its current name.

A fresh investment of this kind can change the ownership and governance of a private company without requiring public disclosure of the same detail expected from listed companies. In this case, no price, percentage stake or post-transaction ownership split was disclosed.

Who will lead The Team after the deal closes?

Watts is set to take over as CEO once the transaction closes, PE Hub reported. He has served as president since 2014, giving the agency a long-serving internal executive at the top as founder ownership is bought out.

Davis Noell, senior managing director and co-head of North America at Providence, said in a statement reported by PE Hub that the firm was pleased to expand its partnership with The Team. He said interest in the company during the process supported Providence’s view of the business and its growth prospects.

Noell also said the additional investment reflected Providence’s view that demand will continue to grow for in-person experiences in sports, music and entertainment, as well as the brands, talent and partnerships connected to those events.

Who advised on the transaction?

J.P. Morgan Securities LLC is acting as exclusive financial adviser to Providence, while Kirkland & Ellis LLP is serving as Providence’s legal counsel, according to PE Hub.

Moelis & Company LLC is acting as exclusive financial adviser to The Team. BDT & MSD Partners is advising Casey Wasserman, and Sullivan & Cromwell LLP is serving as legal counsel to both Wasserman and The Team, PE Hub reported.

This story draws on original reporting from PE Hub.