Eldridge Industries

Eldridge Industries LLC is a holding company headquartered in Greenwich, Connecticut, with offices in New York, London, and Beverly Hills.[1][2][3][4][5] The firm invests across diversified industries with a focus on credit; technology; consumer experiences; real estate; insurance; sports and media.[1][6][7][8][9]

Eldridge Industries, LLC
Private investment
Founded2015 (2015)
FounderTodd Boehly
HeadquartersGreenwich, Connecticut, U.S.[1]
Websiteeldridge.com

History

Eldridge was formed in 2015 by CEO and Chairman Todd Boehly, President Anthony D. Minella, and General counsel Duncan Bagshaw,[10][11] after Boehly purchased several media properties controlled by Guggenheim Partners.[8][4]

In March 2017, Eldridge led a round of funding estimated at over $100 million for DraftKings, a daily fantasy sports contest provider.[2][12] Eldridge also has a stake in the Los Angeles Dodgers;[13] Cloud9;[14] Atrium Sports; [15]The Ready Games;[16] and Epic Games.[10]

In 2017 Eldridge acquired, with a co-investor, Pittsburg-based NPC International, LLC, the largest franchisee of Pizza Hut (part of Yum Brands), and Wendy's.[17] On July 1, 2020 NPC filed for Chapter 11 bankruptcy.[18]

Eldridge seeded Essential Properties Realty Trust, a REIT that went public in June 2018 under the symbol NYSE: EPRT.[19]

The firm also provided financing to Prescient, a building technology platform, for $50 million in July 2018.[20]

In 2018, Eldridge also became a partner for the Global Citizen Festival, which was held in South Africa to honor the life and legacy of Nelson Mandela in his centenary year.[21]

In October 2019, Eldridge invested $300 million in real estate investment company Kennedy Wilson.[22]

In 2019, Eldridge increased its investment in Maranon Capital, an investment manager, resulting in Eldridge holding a majority ownership stake in the company.[23]

Eldridge committed €1 billion to Blackbrook Capital, an independent European real estate investment firm, in March 2020.[24][25]

Eldridge owns Security Benefit Life Insurance, an insurer with $40 billion in assets;[13] Valence Media;[26] CBAM Partners, an SEC-registered investment advisor;[27] Stonebriar Commercial Finance, a large ticket commercial finance and leasing company;[28] and co-owns Cain International, a London-headquartered real estate firm which owns The Beverly Hilton and Waldorf Astoria Beverly Hills.[29][30][31]

Eldridge has invested in fintech companies PayActiv and Truebill.[32]

Media holdings

In 2015, Eldridge put some of its media properties up for sale, including Adweek and the Clio Awards.[33] Adweek was sold a year later to Beringer Capital, a private equity firm that invests in digital media and marketing services.[34] The Clio Awards, a 58-year-old ad industry event, was sold to investment company Evolution Media in 2017.[35]

In December 2016, Billboard-Hollywood Reporter Media Group purchased the music publications Spin, Stereogum and Vibe from SpinMedia for an undisclosed amount.[36]

In February 2018, Eldridge announced it would be consolidating three of its entertainment properties into a new company, Valence Media. The properties included Media Rights Capital (MRC), an independent movie and TV production company which is the studio that created Netflix shows “Ozark” and “House of Cards”;[37][38] Dick Clark Productions, a producer of award shows and other live event programming; and the Billboard-Hollywood Reporter Media Group, which includes The Hollywood Reporter and Billboard industry trade publications.[39][40][41]

MRC's co-founders Asif Satchu and Modi Wiczyk serve as co-CEOs of Valence and Boehly serves as Chairman.[40][42] Valence also owns a minority stake in film distributor A24;[41] and London-based production company Fulwell 73.[43][13]

In December 2019, Valence Media acquired Nielsen Holdings' music data business.[44]

On July 22, 2020, Valence Media rebranded as MRC.[45]

References
  1. "Company Overview of Eldridge Industries LLC". Bloomberg L.P. August 16, 2018.
  2. "Dodgers' Boehly Leads $100 Million DraftKings Investment". Bloomberg. Retrieved 10 March 2017.
  3. "About Us". Eldridge.com.
  4. "Eldridge Industries". Crunchbase. Retrieved September 2, 2018.
  5. "Dodgers Co-Owner Takes Stake in Beverly Hilton Hotel". Bloomberg L.P. August 17, 2018.
  6. "Guggenheim Prepares To Sell Hollywood Reporter, Dick Clark Productions To Exec". Deadline.com. Retrieved 18 December 2015.
  7. "Guggenheim Media Spins Off Money-Losing Hollywood Reporter, Billboard to Company President Todd Boehly (Exclusive)". The Wrap. Retrieved 18 December 2015.
  8. "Hollywood Reporter Parent Company Spins Off Media Assets to Executive". The Hollywood Reporter. Retrieved 3 January 2016.
  9. "Conn. PE Firm Eldridge Closes $1.4B In Funding". Law360. April 15, 2019.
  10. "From CLOs to 'Ozark,' ex-Guggenheim president builds an empire". Financial Planning. 2019-09-09. Retrieved 2020-06-16.
  11. "Duncan Bagshaw". www.bloomberg.com. Retrieved 2020-06-16.
  12. Curt Woodward (March 9, 2017). "Another $100 million in financing for DraftKings". The Boston Globe.
  13. Childs, Mary. "Former Guggenheim President Todd Boehly Is Growing His Investment Empire, From the Dodgers to Collateralized Loans". www.barrons.com. Retrieved 2020-06-16.
  14. Perez, Matt. "Cloud9 eSports Team Closes Series A Funding, Investors Include Joe Montana, Alexis Ohanian". Forbes. Retrieved 2020-06-16.
  15. Young, Jabari (2019-12-16). "Atrium Sports buys sports analytics provider Synergy to create $100 million sports data and AI company". CNBC. Retrieved 2020-06-16.
  16. "Ready raises $5 million for hyper-casual esports platform". VentureBeat. 2019-08-27. Retrieved 2020-06-16.
  17. Pizza Hut’s largest franchise operator weighs options, including bankruptcy Retrieved July 1, 2020
  18. Pizza Hut’s largest U.S. franchisee files for Chapter 11 bankruptcy Retrieved July 1, 2020
  19. Kristy Westgard (June 21, 2018). "'Retail Apocalypse' Didn't Scare This Landlord Off an IPO". Bloomberg L.P.
  20. Iris Dorbian (July 23, 2018). "Prescient snags $50 mln Series E". PE Hub.
  21. Lexy Perez (July 9, 2018). "Beyonce, Jay-Z Among Headliners at Global Citizen Festival Honoring Nelson Mandela Centennial". The Hollywood Reporter.
  22. "Kennedy Wilson receives $300M investment, announces new $1.5B target for West Coast fund". The Real Deal Los Angeles. 2019-10-18. Retrieved 2020-06-16.
  23. "Eldridge Industries Acquires Majority Ownership Position in Maranon Capital". www.businesswire.com. 2019-02-04. Retrieved 2020-08-11.
  24. "Industry Veterans Launch European Specialist Real Estate Investment Firm Blackbrook Capital". Blackbrook. Retrieved 2020-08-11.
  25. IPE Staff (3 March 2020). "New European property investment firm gets €1bn capital backing". Real Assets. Retrieved 2020-08-11.
  26. Wallenstein, Andrew; Wallenstein, Andrew (2018-02-01). "Media Rights Capital, Dick Clark Prods., THR-Billboard Form Combined Company". Variety. Retrieved 2020-06-22.
  27. "CLO Roundup: CBAM marketing its fourth $1B CLO of the year". Asset Securitization Report. 2017-11-17. Retrieved 2020-06-22.
  28. Finance, Stonebriar Commercial. "Stonebriar Set to Close its Fifth Equipment Securitization Transaction for $650 Million". www.prnewswire.com. Retrieved 2020-06-22.
  29. "From CLOs to 'Ozark,' ex-Guggenheim president builds an empire". Financial Planning. 2019-09-09. Retrieved 2020-06-22.
  30. Gittelsohn, John; Clark, Patrick (17 August 2018). "Dodgers Co-Owner Takes Stake in Beverly Hilton Hotel". www.bloomberg.com. Retrieved 2020-06-22.
  31. Lazaroff, Leon. "Dick Clark Productions deal expected to close in coming weeks". TheStreet. Retrieved 2020-06-22.
  32. Basak, Sonali; Surane, Jennifer (1 April 2020). "US Hourly Workers Pressured by Crisis to Get Paid Sooner". www.bloomberg.com. Retrieved 2020-06-22.
  33. Keith J. Kelly (May 31, 2016). "AdWeek, Clio Awards put up for sale". New York Post.
  34. "Adweek acquired by private equity firm Beringer Capital". TechCrunch. Retrieved 19 July 2016.
  35. "Clio Awards Acquired by Global Investment Firm Evolution Media". Adweek. Retrieved 2018-03-29.
  36. "Hollywood Reporter-Billboard Group acquires Spin, Vibe and Stereogum". The Los Angeles Times. December 23, 2016. Retrieved December 13, 2018.
  37. Wallenstein, Andrew; Wallenstein, Andrew (2018-02-01). "Media Rights Capital, Dick Clark Prods., THR-Billboard Form Combined Company". Variety. Retrieved 2020-06-29.
  38. "From CLOs to 'Ozark,' ex-Guggenheim president builds an empire". Financial Planning. 2019-09-09. Retrieved 2020-06-29.
  39. Wallenstein, Andrew (2018-02-01). "Media Rights Capital, Dick Clark Prods., THR-Billboard Form Combined Company". Variety. Retrieved 2018-03-29.
  40. Faughnder, Ryan. "'House of Cards' producer MRC merges with Dick Clark Productions and Hollywood Reporter publisher". Los Angeles Times. Retrieved 2018-03-29.
  41. Diane Haithman (February 2, 2018). "Billboard-Hollywood Reporter, Dick Clark Productions and MRC Merge as Valence Media". Los Angeles Business Journal.
  42. Tony Maglio (February 1, 2018). "THR to Combine With Dick Clark Productions, 'House of Cards' Studio in New Todd Boehly Banner". TheWrap.
  43. "Eldridge Industries Announces $1.36 Billion Equity Investment". www.businesswire.com. 2019-04-15. Retrieved 2020-06-29.
  44. Steele, Anne (2019-12-18). "Billboard Parent Buys Nielsen Music". Wall Street Journal. ISSN 0099-9660. Retrieved 2020-07-22.
  45. Goldsmith, Jill (2020-07-22). "THR Parent Valence Media Rebrands As MRC". Deadline. Retrieved 2020-07-22.
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