SpringHill, LeBron James company, sells a minority stake to an investor group for $725 million
The SpringHill Company, LeBron James’ consumer and entertainment company, has completed a minority interest sale to a group of investors, valuing it at $725 million.
RedBird Capital Partners, Fenway Sports Group, and Nike are among the investors, as revealed last month. Epic Games, which will launch the NBA legend’s company and its CEO, Maverick Carter, into the realm of gaming, was also announced on Thursday. UC Investments, an early investor in the company, has increased its stake.
Insiders say James and Carter still have a controlling interest in the company, despite the fact that the size of the stake on the table has not been disclosed.
SpringHill will be able to “substantially grow its present businesses of IP development, commerce, content, brand consulting, and live events” as a result of the investment, according to the company.
SpringHill, which was founded in 2020, has primarily focused on content. The company, on the other hand, wants to expand into new markets such as clothes and events, as well as build an international presence and acquire intellectual property.
“SpringHill’s mission is empowering greatness in every individual,” said Carter. “We started this company with the tagline ‘More Than an Athlete’ which still defines everything we do to this very day. We are an incredible team of athletes, artists, writers, designers, musicians, and countless other creators. With this new group of investors who are the very best in their respective industries we are going to be able to empower our community and every creator to do their most inspiring work and achieve their most ambitious dreams.”
“partnership with SpringHill should enable us collectively to optimize that mission with scalable capital and a business building mentality that will continue to elevate more diverse voices and a drive towards greater empowerment,” said Gerry Cardinale, founder, and managing partner of RedBird. David Ellison’s Skydance and Casey Wasserman’s firm are among the institutions in which the executive has invested. Last year, RedBird sold its NFL On Location premium events business to Endeavor for $700 million.
SpringHill has previously produced projects such as “Space Jam: A New Legacy,” the HBO Uninterrupted series “The Shop,” and brand collaborations with Procter & Gamble, Chase, PepsiCo, and Uninterrupted garment collections. The Emmys, the NAACP, the Cannes Lions, and the Webby Awards have all recognized the company.
SpringHill was advised on the deal by Main Street Advisors, a strategy and investment platform for top organizations and individuals, led by Main Street CEO Paul Wachter.
“Bringing this incredible consortium of companies and investors together for this deal will supercharge SpringHill’s development and growth. We are as proud of being part of this journey with them as anything else we’ve done in our 25-year history of working with extremely talented entrepreneurs, athletes, and entertainers,” Wachter said.