NEP Group has announced a new equity investment in the company led by 26North Partners LP (26North), together with a group of co-investors. Carlyle, NEP’s existing sponsor, is participating alongside 26North in the investment and will remain its largest shareholder, as the company has claimed in a statement.

The platform 26North was founded in 2022 by Josh Harris, who is also the Founder and Managing General Partner of Harris Blitzer Sports & Entertainment and the Managing Partner of the Washington Commanders. This portfolio across sports and entertainment aims to provide a different perspective, aligning closely with NEP’s position at the intersection of media and live events.

NEP has also completed a debt refinancing, which has enhanced NEP’s capital structure and reduced its debt levels, as it has informed the group.

Martin Stewart, CEO of NEP Group, affirmed: “We’re thrilled to take NEP to the next level with outstanding capital partners at our side. Josh brings exceptional expertise in creating one of the world’s leading sports and entertainment portfolios, and he and the 26North team have a proven track record of growing businesses across industries. We also couldn’t be more pleased to have earned the continued trust and support of Carlyle”.

“We remain committed to investing in our people, technology and dynamic facilities to deliver the innovation, scale and reliability that our clients have relied on for 40 years. We’re beginning our next 40 years with great momentum”.

Mark Weinberg, Head of Private Equity at 26North, added: “We’re excited to work with Martin, his leadership team, and Carlyle to build on the strong foundation they’ve created. NEP represents the kind of business we seek to invest in: a global market leader with a stellar reputation for service delivery, technical expertise and innovation that keeps customers coming back for compelling storytelling around their most important events and experiences”.

NEP was advised by Goldman Sachs, Latham & Watkins LLP, and Debevoise & Plimpton LLP. 26North was advised by RBC Capital Markets, Greenhill, a Mizuho affiliate, and Kirkland & Ellis LLP. Barclays and Goldman Sachs served as advisors on the refinancing.