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KKR teams up with New Mountain Capital to bid for IMG Worldwide

16 Sep 2013

tennis ballsKKR has reportedly teamed up with fellow private equity firm New Mountain Capital to bid for sports marketing specialist IMG Worldwide.

The business is being sold by private equity firm Forstmann Little & Co.

KKR and New Mountain are set to compete for the business with other private equity firms and sports and entertainment companies Creative Artists Agency (CAA) and William Morris Endeavor Entertainment, said Reuters, citing three people familiar with the matter.

Private equity firm CVC is also involved in the sales process, while Bain Capital I also understood to have plans to bid for the business, according to the sources.

The report noted that while KKR does not have the industry expertise of CAA and William Morris, New Mountain has ties to Forstmann Little, having been founded by its former partner Steven Klinsky.

The firms are due to make initial bids for IMG in the next few weeks.

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