TPG, the private-equity firm that had a majority stake in CAA before selling it to Francois-Henri Pinault last year, said Friday that it has formed a new talent management company whose first investment will be in Hollywood management biggie Untitled Entertainment.
The new TPG company, which will “acquire, invest behind, and build a diversified global business centered on talent management, representation, and adjacent verticals,” acquired the Untitled majority stake from Canada-based Boat Rocker Inc in a deal for about CAD $51.6 million ($37.7M) and 8.8% of the outstanding common equity in TPG’s new company.
Michel Pratte, former president of Boat Rocker Media, has been named CEO of the newly established company. Eric Taitz, former EVP of Corporate Development and Strategy at Boat Rocker, will serve as COO.
Untitled’s founding partners Jason Weinberg and Stephanie Simon will each have “significant” financial interest into the new entity alongside Boat Rocker.
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