AEG, the world’s leading sports and live entertainment company, and Onex, a leading investor and alternative asset manager, today jointly announced that AEG and Onex Partners have signed a definitive agreement to sell their entire ownership interest in ASM Global (“ASM”), a global leader in third-party venue and event management, to Legends, a global premium experiences company. The financial terms of the transaction were not disclosed. Read the acquisition announcement here.

“Today’s announcement is the culmination of the journey AEG and Onex embarked on in early 2019 when we completed the merger of AEG Facilities and SMG to form ASM Global,” said Dan Beckerman, President, and Chief Executive Officer of AEG. “Our purpose has been clear from the start – to drive ASM’s growth and create significant value for ASM and its clients. Despite the tremendous impact of the pandemic, we were able to unlock substantial business value over the past four years with ASM growing both its revenues and global portfolio.”

“This transaction will allow us to focus on the continued growth of AEG’s core businesses, including our owned and operated real estate and venues and our live entertainment and ticketing business,” said Ted Fikre, Vice Chairman and Chief Legal and Development Officer of AEG. “AEG has enjoyed our successful partnership with Onex and, while we will no longer be an owner in ASM, we look forward to continuing to work with the company and its talented leadership team as they pursue ongoing success under the stewardship of Legends as the new owner.”

Kosty Gilis, Managing Director at Onex Partners, commented “We are extremely grateful to the entire ASM leadership team for their unwavering dedication to positioning the business for success, in particular during the unparalleled operating environment they faced during the pandemic, which has allowed ASM to recover so strongly and have great long-term prospects. We would also like to thank AEG who have been wonderful partners consistent with their impeccable reputation in the marketplace.” Amir Motamedi, Managing Director at Onex Partners, added “We believe ASM is being acquired by an outstanding company in Legends who will take the business to new heights. We wish them much success in the coming years as they continue to grow the business and serve customers globally.”

ASM Global manages a portfolio of live event entertainment venues worldwide and provides best-in-class venue management and operation services. With clients spanning five continents, ASM Global operates venues that serve live events for more than 164 million guests annually. Legends provides a complementary offering of hospitality, venue planning and project management, premium sales, sponsorship, and merchandise services to many of the world’s most iconic sports, entertainment, and attractions brands.

The transaction, which remains subject to regulatory approvals, is targeted to close in 2024.

About AEG

Headquartered in Los Angeles, California, AEG is the world’s leading sports and live entertainment company. The company operates in the following business segments:

Music through AEG Presents, which is dedicated to all aspects of live contemporary music performances, including the production and promotion of global and regional concert tours, an extensive portfolio of clubs, theaters and other music venues, concerts and special events and world-renowned festivals such as the Coachella Valley Music and Arts Festival;

Venues and Real Estate, which develops, owns and operates world-class venues, as well as major sports and entertainment districts like Crypto.com Arena and L.A. LIVE, Mercedes Platz in Berlin and The O2 in London;

Sports, as the world’s largest operator of high-profile sporting events and sports franchises including the LA Kings, LA Galaxy and Eisbären Berlin;

and Global Partnerships, which oversees worldwide sales and servicing of sponsorships including naming rights, premium seating, and other strategic partnerships.

Through its worldwide network of venues, portfolio of powerful sports and music brands and its integrated entertainment districts, AEG entertains more than 160 million guests annually. More information about AEG can be found at www.aegworldwide.com.

About Onex

Onex is an investor and asset manager that invests capital on behalf of Onex shareholders and clients across the globe. Formed in 1984, we have a long track record of creating value for our clients and shareholders. Onex’ two primary businesses are Private Equity and Credit. In Private Equity, we raise funds from third-party investors, or limited partners, and invest them, along with Onex’ own investing capital, through the funds of our private equity platforms, Onex Partners and ONCAP. Similarly, in Credit, we raise and invest capital across several private credit, public credit and public equity strategies. Our investors include a broad range of global clients, including public and private pension plans, sovereign wealth funds, insurance companies and family offices. In total, Onex has $49.5 billion in assets under management, of which $7.9 billion is Onex’ own investing capital. With offices in Toronto, New York, New Jersey, Boston and London, Onex and its experienced management teams are collectively the largest investors across Onex’ platforms.

Onex is listed on the Toronto Stock Exchange under the symbol ONEX. For more information on Onex, visit its website at www.onex.com. Onex’ security filings can also be accessed at www.sedarplus.ca.

Forward-Looking Statements

This press release may contain, without limitation, statements concerning possible or assumed future operations, performance or results preceded by, followed by or that include words such as “believes”, “expects”, “potential”, “anticipates”, “estimates”, “intends”, “plans” and words of similar connotation, which would constitute forward-looking statements. Forward-looking statements are not guarantees. The reader should not place undue reliance on forward-looking statements and information because they involve significant and diverse risks and uncertainties that may cause actual operations, performance or results to be materially different from those indicated in these forward-looking statements. Except as may be required by Canadian securities law, Onex is under no obligation to update any forward-looking statements contained herein should material facts change due to new information, future events or other factors. These cautionary statements expressly qualify all forward-looking statements in this press release.

For Further Information:

Onex

Jill Homenuk

Managing Director – Shareholder

Relations and Communications

Tel: +1 416.362.7711

AEG Worldwide

We are pleased to announce that Affirma Capital has exited part of its stake in TBO Tek Ltd (“TBO”) to
General Atlantic at over a 9x money multiple of its investment subject to terms and conditions agreed
by the parties. Affirma Capital invested approximately INR 3 billion (USD 42 million) in 2018 through a
secondary transaction immediately prior to its spin-off from Standard Chartered Bank.

Multi-bagger exits in private equity are rare. When they happen, they can be due to investors taking a
contrarian bet, a company’s disruptive product offering, exceptional management execution or due to
strong market tailwinds. In our case, we are fortunate that all the above have been contributors.

First: Since TBO largely serves offline travel agents, there was always a concern that this market
segment would get marginalised at the cost of customers directly booking online. However, outbound
travel is highly complex and travel agents play, and will continue to play, a crucial role in facilitating
leisure and corporate travel. The outbound market has not only grown but the company has
continually expanded its offering to thousands of its agents worldwide: Affirma Capital invested in TBO
when the business was primarily India focused and has worked with management to transform the
business into a global player by expanding organically and through acquisitions.

Second: TBO’s robust tech platform simplifies travel and removes the friction that travellers face today
– yes, simplicity can be disruptive!

Third: Having great products or access to large market opportunities can be meaningless without
strong leadership. Gaurav and Ankush are exceptional leaders who have executed well with the help
of the strong management team that they have built. Covid was the mother of all crises that a travel
company could face but this management team turned adversity into opportunity by opening new
business lines, adding global talent, making bolt-on acquisitions and creating goodwill with suppliers
and travel agent consumers.

Finally, no one can control the markets, but the pandemic has taught us that life can be unpredictable,
and we shouldn’t hold back on spending on things we enjoy. Travel allows people to unwind, spend
time with friends and families and expand one’s horizons. So, growth in outbound travel is a trend
that’s here to stay (even today, only a small percentage of Indians have passports).
“We are grateful to Affirma Capital who have supported us immensely during the last five years,
including during the COVID pandemic, and have been true value-add partners in our scale-up
journey,” said Gaurav Bhatnagar and Ankush Nijhawan, co-founders of TBO, commenting on the deal.

“Since our investment in 2018, we have witnessed TBO’s transformational journey to becoming one of
the leading travel technology platforms globally. We continue to believe in its potential to aggregate and
digitize travel for travel partners across the globe and are excited to remain invested in the business,”
said Udai Dhawan, Founding Partner and India Head at Affirma Capital.

Note to Editors:
About Affirma Capital
Affirma Capital is an independent emerging market private equity firm owned and operated by the
former senior leadership of Standard Chartered Private Equity (SCPE). It currently manages c. USD
3.2 billion in assets for leading global limited partners and sovereign wealth funds and has offices in
Singapore, Seoul, Shanghai, Mumbai, Dubai, and Johannesburg.
About TBO Tek Ltd
TBO is one of the leading global travel distribution platforms that offers an integrated two-sided
technology platform, thus acting as a seamless interface between suppliers and buyers. TBO’s platform
allows the large and fragmented base of suppliers to display and market inventory to, and set prices
for, the large and fragmented global buyer base. TBO has a diversified global footprint and revenue
mix, and has regional operation centres across India, Middle East, Europe, North America, APAC and
Latin America.
For more information please contact media@affirmacapital.com

Funds advised by Apax Partners LLP (“Apax”) announced today that they have completed the acquisition of Bazooka Candy Brands (“Bazooka” or “the Company”), a portfolio of leading non-chocolate confectionary brands, from Michael D. Eisner’s Tornante Company and funds affiliated with Madison Dearborn Partners (“MDP”). 

Bazooka produces, markets, and distributes a range of iconic confectionary brands, including Ring Pop®, Push Pop®, Baby Bottle Pop®, Juicy Drop®, and Bazooka Bubble Gum®. The Company’s portfolio spans lollipops, gummies, chewy candy, gum, and chocolate, packed in highly unique formats to deliver Edible Entertainment® experiences to generations of customers worldwide. Over the past several years, Bazooka’s U.S. retail sales growth has significantly outpaced the overall confectionary category, and in the year-to-date period through August 2023, retail sales have grown approximately 29% year-over-year[1]. Effective upon the transaction’s closing, Tony Jacobs, Bazooka Candy Brands’ long-time President, has been promoted to Chief Executive Officer.

The Apax team, working in partnership with Bazooka’s management team, will look to stand the Company up as an independent business and build on the success of Bazooka’s global portfolio of beloved confectionery brands. In support of its growth efforts, the team will focus on distribution growth, product innovation, geographic expansion, and the strategic acquisition of brands in complementary categories.

“We’re incredibly excited to partner with Apax in this next stage of our growth journey,” said Tony Jacobs, Chief Executive Officer, Bazooka. “Bazooka will continue to build on our history of successful brand-building and innovation to drive outsized growth in the U.S. and globally. We have an incredibly talented team, and I’m very proud of the leadership position we’ve been able to establish in the marketplace. Together with Apax, we look forward to continuing to deliver truly differentiated and exciting products that customers love. I also want to thank our former owners, Tornante and MDP, as well as CEO Michael Brandstaedter, for their support and commitment to our brands, which have enabled our strong performance and have positioned the business for our next chapter of success.”  

“It’s rare to have the opportunity to partner with a business that can boast the success and heritage that Bazooka has, and we are excited to work with the entire team on this next chapter for the business,” said Nick Hartman, Partner, Apax. “Bazooka fits squarely within our team’s focus on investments in well-positioned consumer packaged goods categories, and we see a compelling opportunity to leverage our sector knowledge to help the Company achieve its next phase of growth.”

“This transaction is the culmination of an extremely successful and gratifying tenure of ownership of Bazooka, which would not have been possible without the foresight and leadership of Tornante’s incredibly talented President, Andy Redman,” said Michael D. Eisner. “Together with MDP, an exceptional and constructive partner throughout, and our outstanding corporate management, including Mike Brandstaedter and Tony Jacobs, we have grown Bazooka into a group of the most iconic candy brands on the market. We look forward to celebrating the Company’s continued success from the sideline.”

“It has been a privilege to partner with Michael Eisner and Tornante, and to work with Bazooka’s leadership for the duration of our investment partnership,” said MDP Managing Director Scott G. Pasquini. “Tony Jacobs and his leadership team are the best in the business, and we know they will continue to guide Bazooka to new heights.”

Financial terms were not disclosed. Macquarie Capital and Simpson, Thacher & Bartlett LLP served as financial and legal advisors, respectively, to Apax. Deutsche Bank and Kirkland & Ellis LLP served as financial and legal advisors, respectively, to Bazooka Candy Brands.

-ENDS-

ABOUT BAZOOKA

Bazooka Candy Brands, until recently a division of The Bazooka Companies, Inc. features a range of iconic produces and high-quality candy products such as Ring Pop®, Push Pop®, Baby Bottle Pop®, Juicy Drop® Pop, and of course, Bazooka® bubble gum. For additional information, visit  www.bazookacandybrands.com

ABOUT APAX

Apax Partners LLP (“Apax”) is a leading global private equity advisory firm. For 50 years, Apax has worked to inspire growth and ideas that transform businesses. The firm has raised and advised funds with aggregate commitments of more than $65 billion. The Apax Funds invest in companies across four global sectors of Internet/Consumer, Tech, Services, and Healthcare. These funds provide long-term equity financing to build and strengthen world-class companies. For more information see: www.apax.com.

Apax Partners is authorised and regulated by the Financial Conduct Authority in the UK.

ABOUT THE TORNANTE COMPANY

Founded in 2005 by Michael Eisner, The Tornante Company is a privately held company that invests in, acquires, and operates companies in media and entertainment.

ABOUT MADISON DEARBORN PARTNERS

Madison Dearborn Partners, LLC (“MDP”) is a leading private equity investment firm based in Chicago. Since MDP’s formation in 1992, the firm has raised aggregate capital of more than $29 billion and has completed over 160 platform investments. MDP invests across five dedicated industry verticals, including basic industries; business and government software and services; financial services; health care; and telecom, media and technology services. For more information, please visit www.mdcp.com.

[1] Information Resources, Inc. (IRI)

GLOBAL MEDIA CONTACT

Katarina Sallerfors

t: +44 20 7872 6300

Luke Charalambous

t: +44 20 7872 6300

Gresham House Ventures participates in £8.3mn series B fundraising round for existing portfolio business TravelLocal, a global tailor-made holidays platform, alongside Puma Private Equity and Active Partners, helping to accelerate the company’s international growth. 

TravelLocal is a global brand and receives bookings from clients worldwide, as a managed marketplace. It is growing rapidly, as travellers demand genuinely authentic, more sustainable holidays and prioritise spending on experiences, annual bookings are over USD 50mn and are growing over 100% year on year. The new additional funding will support the company’s international growth, including investment in its managed marketplace platform and further brand marketing (including broadcasting its latest TV advert “Global Travel, Local Experts”).

TravelLocal’s innovative model is revolutionising tailor-made holidays, by connecting its customers directly with handpicked, trusted local travel experts based in their destination – who know their country better than anyone. This combines the benefits of human advice from vetted local experts, the convenience of being able to book online and full consumer financial protection (through ABTA and ATOL in the UK). Since the business was founded in 2016, TravelLocal has helped more than 70,000 customers create the perfect trip.

The TravelLocal platform enables bookings with over 500 individual local travel experts around the world, who create truly personalised itineraries directly with and for the client. They work in 271 curated partner companies and are the ‘hidden stars’ of the legacy travel industry, to whom clients now have direct access by booking with TravelLocal. They have extensive experience of advising international clients. Many travellers care deeply about making their holidays more responsible and sustainable, and TravelLocal’s approach helps to fulfil this, by enabling direct access. By dealing directly with experts in locally incorporated companies, who know and care passionately about their communities and ecosystems, more client spend remains in the local economy of the destination.

This Series B funding round follows the highly successful merger in July 2021 of TravelLocal (UK) and Trip.me (Germany), both now fully integrated under the TravelLocal brand. TravelLocal has offices in Bristol and Berlin with colleagues also working remotely across the world. This follow-on is Gresham House Venture’s third investment in the company, with Active Partners, following the Series A and the merger in 2021.

Tom Makey, Investment Director at Gresham House Ventures said:

“This marks another important milestone for the talented TravelLocal team. The business performed strongly through the pandemic thanks to its innovative, agile approach, and it has continued this success ever since, adapting to the evolving dynamics of the travel sector and the demand from customers for a more authentic and responsible experience. We look forward to supporting the business in its next phase of growth.”

Tom Stapleton, CEO at TravelLocal said:

“TravelLocal has performed very strongly again coming out of the pandemic as people travel extensively – and increasingly with a strong desire to do so in a more sustainable, meaningful way, that supports local people and economies. Our unique business model enables everyone to do just that. This funding round reflects the excellent growth opportunity we now have, and the first class team we have built to tackle it.”

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