Artemis, the investment firm of the French Pinault family, has finalized the much-anticipated purchase of a majority stake in Creative Artists Agency (CAA), the US sports and entertainment agency giant.
Artemis, through a deal announced yesterday (September 7), has secured the stake previously held by global investment company TPG. Francois-Henri Pinault, the French billionaire, is the founder and chief executive of luxury fashion group Kering, and the president of Artemis.
The transaction is expected to be completed later in 2023, “subject to the satisfaction of customary closing conditions.”
Co-chairs of CAA, Bryan Lourd, Kevin Huvane, and Richard Lovett, have all “made long-term commitments to continue leading the agency,” with Lourd set to be named chief executive following the deal’s closure. Jim Burtson, who leads the CAA deal team, will remain the agency’s president, meanwhile.
Temasek, the worldwide investment firm headquartered in Singapore, will remain a CAA minority investor, while CMC Capital will carry on as a CAA strategic partner.
Initial media reports around Pinault moving towards a majority stake purchase in CAA came in mid-July.
The combined CAA co-chairs said: "Artémis is a strategic investor of the highest order, with global reach and resources across countless areas of our clients’ interests, a deeply sophisticated understanding of global brands and how to support their growth, and a passion for creativity and innovation that matches ours and that of our clients.
“We are enormously grateful to TPG for their strategic expertise, invaluable support, and friendship over 13 years. We enjoyed tremendous growth and success together and look forward to continuing to collaborate on projects ahead.”
Pinault added: “CAA’s exceptional insight, relationships, and access across key sectors, combined with its widely regarded level of collaboration and innovation, gives the company a formidable role in driving global opportunities for its diverse and culture-defining clients. We look forward to supporting the agency’s very bright path ahead.”
Kering Group is one of the largest luxury goods conglomerates in the world. Luxury brands under its umbrella include Gucci, Yves Saint Laurent, Balenciaga, Alexander McQueen, Brioni, and Bottega Veneta.
Alongside Kering, other assets of parent company Groupe Artémis include sportswear brand Puma, French Ligue 1 soccer team Rennes, French news magazine Le Point, and the Breizh Café chain.
CAA, meanwhile, was founded in 1975 and the Los Angeles-based agency represents many high-profile actors, directors, and music artists. In 2006, the firm launched its CAA Sports arm and branched into representing athletes.
TPG initially acquired a 35% stake in the agency in 2010, before then increasing its holding to a majority of 53% in 2014. The latter deal valued CAA at $1.1 billion.
Overall, CAA manages around $18 billion in sports contracts.
In June 2022, the agency finalized and completed its $750 million deal to acquire International Creative Management (ICM) Partners, a leading agency with operations in the same sphere. At the time, the combined value of the merged agencies was estimated at around $5.5 billion.