Kaye Scholer Represents American Securities and NEP Broadcasting in Acquisition by Crestview Partners
Kaye Scholer represented American Securities and NEP Broadcasting in connection with the sale of NEP Broadcasting to Crestview Partners. NEP is a leading provider of outsourced teleproduction services for live sports and entertainment events. Previously, Kaye Scholer represented American Securities in its acquisition of NEP Broadcasting in 2007.
The Kaye Scholer team consisted of Partners Mel Cherney, Lowell Dashefsky, Sheryl Gittlitz, Laurie Abramowitz and Jeff London; Counsel Peter Danias and Irv Hepner; and Associates Connie Ericson, David Kim, David Menchel and Brian Witkowski.
Below is a copy of the press release issued earlier today:
NEW YORK, Dec. 27, 2012 /PRNewswire/ -- American Securities LLC and Crestview Partners today announced that Crestview has acquired NEP Broadcasting, LLC and its affiliates from American Securities. Financial terms of the transaction were not disclosed.
NEP is the leading international provider of outsourced teleproduction services critical to the delivery of live sports and entertainment events. With the world's most advanced equipment, largest fleet of mobile units and global production studios, NEP enables its clients to execute, deliver, and display exceptional productions on any platform. NEP's global headquarters is located in Pittsburgh, Pennsylvania, and the company also maintains a headquarters in the United Kingdom to serve its European customers.
Jeff Marcus , Partner at Crestview and head of the firm's media strategy, said, “We have followed NEP's performance since 2006 and have the highest respect for the company and their management team. We are delighted to have management as significant investors alongside us, and look forward to working together to continue NEP's success in this next stage of growth.”
For American Securities, the sale caps nearly six years of partnership with the company's management team and significant accomplishments by NEP over this period. Since American Securities' acquisition in February 2007, NEP has grown both revenue and its employee base by over 75%.
Marc L. Saiontz , Managing Director at American Securities, said, “Our partnership with Deb Honkus , Kevin Rabbitt and the rest of the NEP management team has been a success in every way. American Securities worked together with them through Deb's transition from long-time CEO to Chairman and the recruitment of Kevin to the role of CEO, as well as to develop a multifaceted growth plan. NEP is the global market leader and has achieved superior growth and a strong investment return for our investors and management partners.”
Kevin Rabbitt , CEO of NEP, stated, “We have had an excellent partnership with American Securities and appreciate their support in helping us advance to new levels through eight add-on acquisitions, capacity expansions, significant growth in the entertainment space, and development of a new organizational structure. In addition, we are excited about our new partnership, and it is clear that Crestview, as experienced media investors, will be good partners in supporting our clients, our employees and our future growth plans.”
Deb Honkus , Chairman of NEP, added, “While NEP has grown considerably, the one thing that has not changed is our dedication to world-class customer service. Every member of the NEP team is committed to delivering superior service, which supports our clients, to produce exceptional broadcasts.”
Kaye Scholer LLP acted as legal advisor and Barclays, UBS and AGM acted as financial advisors to NEP. Paul, Weiss, Rifkind, Wharton & Garrison LLP and Kirkland & Ellis LLP acted as legal advisors and Morgan Stanley acted as financial advisor to Crestview Partners. Barclays, Morgan Stanley and GE Capital are providing financing for the transaction.
With the world's most advanced equipment, largest fleet of mobile units and global production studios to suit every genre, NEP enables its clients to execute, deliver, and display exceptional productions on any platform around the world. For more than 30 years, NEP has ensured its clients' success by delivering superior service and building lasting relationships with a passion for continuous innovation. NEP's talented staff is committed to acting with integrity and working as a team to deliver comprehensive solutions for remote production, studio production, video display, webcasting, and power generation that set the global industry standard. More information about NEP can be found at www.nepinc.com.
About American Securities
Based in New York with an office in Shanghai, American Securities is a leading U.S. private equity firm that invests in market-leading North American companies with annual revenues generally ranging from $500 million to $2 billion. American Securities has over $8 billion under management and is currently investing from its sixth fund. The firm traces its roots to a family office founded in 1947 to invest and manage a share of the fortune created from the growth of Sears, Roebuck & Co in the early 1900s. More information about American Securities can be found at www.american-securities.com.
About Crestview Partners
Founded in 2004, Crestview Partners is a value-oriented private equity firm based in New York with approximately $4 billion of capital under management. The firm is led by former partners and leaders in the private equity business and senior management of Goldman Sachs and Morgan Stanley. Crestview's investment strategy is focused in the media, financial services, healthcare and energy sectors. Since its inception, the firm has made numerous investments in the media sector including OneLink, Charter Communications, Insight Communications, Cumulus Media and CORE Media Group. More information about Crestview Partners can be found at www.crestview.com.
Contact for American Securities:
212-279-3115 ext. 222
Contact for Crestview Partners:
Kekst and Company
SOURCE American Securities