in this news
- From construction materials to luxury
- Why did Pinault buy CAA?
The Pinault family is one of the richest families in France and the world. According to Forbes, his wealth is valued at $40.1 billion, and most of it comes from his luxury business. Via Artemis Holding They control the Kering Group, which has sales of more than US$22 billion per year., But now the French clan will have distributed many billions to enter more strongly world of stars,
artemis agreed Purchase of majority stake in Creative Artists Agency (CAA)one of the following Top Hollywood Talent Representation Agencies, Their artist portfolio includes top-tier celebrities, such as Scarlett Johansson, Brad Pitt, Steven Spielberg, Margot Robbie and George Clooney,
Pinault acquired 53% of CAA from private equity fund TPG, the Financial Times reported. Sources close to the operation assured the media that the talent agency Its value is US$7 billion.Debt is included, and that will invoice approximately US$1.7 billion in 2022.
Family holding company that manages more than US$40 billion in assetsIt will pay more than 13 times its Ebitda for its share and the acquisition will be financed with a mix of cash and debt.
From construction materials to luxury
François-Henri Pinault, CEO of Artemis, said, “CAA’s exceptional insights, relationships and access to key sectors, combined with its collaboration and innovation, position the company to play a key role in driving global opportunities for its diverse clients. ” for his part, Brad Pitt and Scarlett Johansson’s agent Brian Lourd appoints CEO Company’s
François Pinault founded Kering in 1963 As a company dedicated to lumber and construction materials. Also in 1999, he turned to the world of luxury goods with the purchase of the Gucci Group., Today the company is led by his son François-Henri, and manages a number of brands in its portfolio, from Yves Saint Laurent to Alexander McQueen.
Also, Pinaults He is the owner of Christie’s auction house. And he has a private collection of art works that includes paintings by Picasso, Mondrian and Koons.
Why did Pinault buy CAA?
“Artemis is interested in CAA It is related to geographical diversification…for a portfolio that has been largely European. Furthermore, CAA is strong in the luxury segment as well, Still within a business they understand, that focuses on people and services“A source with close knowledge of the situation told the FT.
TPG invested $1.1 billion in CAA in 2010 To keep 35% stake. Four years later, its stake had increased to 53 percent with a distribution of US$225 million. The fund intended to take the company public in 2021, but ultimately gave up.
Another shareholder of Star Agency is Singapore sovereign wealth fund Temasek.