03 03 2016

Providence Equity Partners acquires a minority stake in Topgolf Entertainment

Providence Equity Partners, the media-focused private equity investor, has acquired a minority stake in Topgolf Entertainment, a Texas-based operator of “gamified” driving ranges.

The terms of Providence’s investment were undisclosed. Topgolf’s majority owner is WestRiver Group, which brought the concept to the US in 2005. Topgolf is the only entertainment center of its kind, offering competitive golfing games for all ages and skill levels and advanced technology to track the accuracy and distance of players' shots. Topgolf has 24 venues worldwide and served 8 million guests in 2015. TEG is poised to further engage guests through its newly formed Topgolf Media division, created with its recent acquisition of World Golf Tour (WGT). WGT is the leading web and mobile golf game, with more than 14 million players worldwide across online, social and mobile platforms. TEG also recently formed the Topgolf International division, which will oversee expansion of the brand abroad. Morgan Stanley & Co. LLC and J.P. Morgan acted as financial advisers, and Gibson Dunn & Crutcher LLP acted as legal adviser to TEG in connection with the investment from Providence. Weil, Gotshal & Manges LLP acted as legal adviser to Providence on the deal with a team led by Private Equity partner Kevin J. Sullivan (picture) and senior associate Matthew Cohn, assisted by Cybersecurity, Data Privacy & Information Management partner Randi Singer; Real Estate partner David Herman; Environmental head Annemargaret Connolly; Patent Litigation partner Anne Cappella; Tax partner Jared Rusman; Executive Compensation & Benefits partner Michael Nissan; Environmental counsel Matthew Morton; Executive Compensation & Benefits counsel Steve Margolis; Private Equity associates Edward Guo, Katherine Meister and Nathaniel Lee; Technology & IP associates Caroline Geiger, Edric Itchon, Dennis Adams and Daniel Cohl; Cybersecurity, Data Privacy & Information Management associate Rachel Liebert; Real Estate associates Robert Shmalo and Mallory Muse; Litigation associate Michele Gauger; Tax associate Corinne Nhaissi (not yet admitted); and Executive Compensation & Benefits associate Zahava Blumenthal. Involved fees earner: Kevin Sullivan - Weil; Matt Cohn - Weil; Edward Guo - Weil; Katherine Meister - Weil; Nathaniel Lee - Weil; Randi Singer - Weil; Rachel Liebert - Weil; David Herman - Weil; Robert Shmalo - Weil; Mallory Muse - Weil; Annemargaret Connolly - Weil; Matthew Morton - Weil; Anne Cappella - Weil; Caroline Geiger - Weil; Edric Itchon - Weil; Dennis Adams - Weil; Daniel Cohl - Weil; Michele Gauger - Weil; Jared Rusman - Weil; Michael Nissan - Weil; Steven Margolis - Weil; Zahava Blumenthal - Weil;

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