Tue, 01/01/2013 - 17:43
Private equity firm Crestview Partners has acquired NEP Broadcasting, LLC and its affiliates from American Securities. Financial terms of the transaction have not been disclosed.
NEP is an international provider of outsourced tele-production services critical to the delivery of live sports and entertainment events. NEP enables its clients to execute, deliver, and display 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, says: "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, says: "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 multi-faceted 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, says: "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 organisational 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, says: "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."
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