Cast & Crew Signs Definitive Agreement to Acquire ‘The TEAM Companies’
BURBANK, Calif., Nov. 18, 2021 /PRNewswire/ -- Cast & Crew, a leading international provider of mission-critical software and technology-driven services to the entertainment industry, today announced it has signed a definitive agreement to purchase The Team Companies (“TEAM”), a payroll and production management solutions company servicing the advertising, music and concert tours and live events industries. This transaction brings together two companies with the shared mission of digitizing, automating, and simplifying the experience of creating entertainment content. Terms of the transaction were not disclosed.
TEAM (Tours Entertainment Advertising & Music), a portfolio company of TorQuest Partners, offers a comprehensive suite of software and services that supports the production of advertising, music, and concert tours and live events industries. The company’s Payroll division spans union & non-union talent, crew, music and events and its Business Affairs division offers services including talent & production business management, celebrity and influencer engagement, rights management, traffic and network clearance as well as Signatory support for North American performer unions. The company’s technology products include robust talent and rights management platform for estimating talent costs and tracking licensed element use, as well as TTC Online for contactless onboarding and timecard management. TEAM is based in Los Angeles, with regional offices in New York, Detroit, Portland, and Toronto.
“The TEAM Companies and Cast & Crew make an incredible combination,” said John Berkley, Chief Executive Officer of Cast & Crew. “We each provide solutions to many of the advertising and entertainment industries’ most critical challenges and do so in complementary ways for diversified segments of entertainment production. Their strength in the advertising, live events, and music industries has been the result of unwavering commitment to serving and innovating for their customers. By joining forces, we are bringing together the talent, technology, and expertise that will benefit each of our respective customers and enable the next generation of solutions for the next chapters of growth and transformation in our industry.”
TEAM will continue to operate as a distinct brand under the leadership of Greg Smith who will transition from his current role as COO/CRO to assume the role as President of TEAM and report directly to John Berkley. Cast & Crew will also retain CEO Justin Kramer as a special advisor to the combined company focused on technology and product integration strategy. “Cast & Crew is the perfect home for TEAM, and we are thrilled to join the Cast & Crew family and its many well-recognized brands,” said Mr. Kramer. “Cast & Crew has an outstanding track record of bringing together the best people, products, and solutions, which ultimately leads to better customer experience, service, and support. We look forward to working together on delivering best-in-class solutions and rolling out many additional value-add offerings to our customers on an increasingly global basis.”
“The Cast & Crew team continues to execute our shared vision and strategy of driving the digital transformation of media and entertainment while diversifying across high growth end markets and geographies,” said Kasper Knokgaard, Partner of EQT. “We look forward to adding TEAM’s products and services to Cast & Crew’s industry-leading platform.”
TorQuest Partners Matt Chapman and Jonathan Tarshis Neil note, “Our investment in TEAM exemplifies TorQuest’s strategy of partnering with strong management teams and investing in their businesses to achieve a shared vision for growth. TEAM has successfully executed on its growth strategy by providing superior customer service supported by a differentiated technology offering to its clients in the advertising, music and concert tours and live events industries. We are very grateful to Justin, Greg, An, Mujeebur, Eileen and all of the management and employees of TEAM for our partnership over the past four years and wish them continued success with Cast & Crew.”
Cast & Crew was represented by the law firm of Latham & Watkins, LLP and TEAM was represented by the law firm of Torys LLP. Houlihan Lokey acted as exclusive financial adviser to The Team Companies.
About Cast & Crew
Cast & Crew Entertainment Services, LLC is a leading international provider of mission-critical software and technology driven services including payroll and human resources, accounting and financial, reporting and data, and content and collaboration software and services to the entertainment industry. The company’s products and services include payroll processing, production accounting software, residuals processing, workers’ compensation services, labor relations, production incentives, as well as financing production tax credits. The company was founded in 1976 and is headquartered in Burbank, California, with offices in the U.S., Canada, the United Kingdom, India, and Germany. Please visit www.castandcrew.com
About The TEAM Companies
Founded in 1992, The Team Companies offers a comprehensive suite of software and services that support the creation and production of content and experiences in Advertising, Music and Live Events. The company’s Payroll division spans union & non-union talent, crew, and music and its Business Affairs division offers services including talent & production business management, celebrity & influencer engagement, rights management, traffic and network clearance as well as signatory support for North American performer unions. The Company’s technology products include robust Talent & Rights Management platform for estimating talent costs and tracking licensed element use, as well as TTC Online for contactless onboarding and timecard management. Please visit https://theteamcompanies.com
EQT is a leading investment firm with more than EUR 71 billion in assets under management across 27 active funds. EQT funds have portfolio companies in Europe, Asia-Pacific and the Americas with total sales of approximately EUR 29 billion and more than 175,000 employees. EQT works with portfolio companies to achieve sustainable growth, operational excellence, and market leadership. Please visit www.eqtgroup.com
About TorQuest Partners
Founded in 2002, TorQuest Partners is a Canadian-based manager of private equity funds. With more than C$3 billion of equity capital under management, TorQuest is currently investing from TorQuest Partners Fund V, a C$1.375 billion fund that closed in March 2020. TorQuest invests in middle market companies and works in close partnership with management to build value. Please visit torquest.com
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SOURCE Cast & Crew