TowerBrook Structured Opportunities (Onshore), L.P. (“TSO”) and its affiliated funds have announced that they have invested in Gravity Media Group (“Gravity”, or the “Company”), a UK-based provider of broadcasting equipment and solutions. This represents the first structured equity investment for TSO, which closed earlier in 2016 and is complementary to TowerBrook’s PE strategy.
Headquartered in Watford, UK, Gravity delivers outside broadcast, project solutions, broadcasting equipment rental, equipment sales and systems integration to broadcasters, production companies and content rights holders across the world. The Company, which was formed in 2000 following a management buyout led by its CEO John Newton, has grown rapidly to become a global business, establishing itself as a provider of quality and innovative broadcasting solutions for iconic sports events such as Formula One, the Tennis US Open, the ATP World Tour Masters 1000 and the soccer World Cup. Through its six subsidiary businesses, Gravity employs around 220 people across its offices in UK, Australia, USA, France and Qatar.
TowerBrook has deep expertise and a strong network within the live sports sector through its investments in the St. Louis Blues and CSTV Networks, as well as a strong track record within the broader media and communications industry. The TowerBrook investment comes as an exciting opportunity for Gravity as it enters its next phase of growth. TowerBrook will work closely with Gravity’s CEO John Newton and his management team to continue to support the Company’s strategy of pursuing innovative high quality broadcasting solutions, and to continue to enhance the Company’s technological edge and the breadth of its broadcasting services portfolio, through organic growth as well as value-adding acquisitions. A member of TowerBrook’s Senior Advisory Board, David Checketts (former President and CEO of Madison Square Garden, L.P.) will serve on the Company’s board of directors and TowerBrook will also have the right to appoint one additional director.
John Newton, the founder, Chief Executive Officer and majority shareholder of Gravity, said:
“The investment by TowerBrook will enable Gravity to grow and innovate to realise our ambition of becoming the global leader in supplying equipment, services and consultancy for the live broadcast sector. TowerBrook brings industry and operational experience, as well as capital, and has a strong track record for being an active and long-term value added investor.”