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Eldridge Industries

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Eldridge Industries, LLC
Company typePrivate investment
Founded2015; 9 years ago (2015)
FounderTodd Boehly
HeadquartersGreenwich, Connecticut, U.S.[1]
Websiteeldridge.com

Eldridge Industries LLC is a private investment firm headquartered in Greenwich, Connecticut, with offices in New York, London and Beverly Hills.[1][2][3][4][5] The firm invests across diversified industries with a focus on asset management and leasing; food, convenience, and consumer experiences; real estate lending and development; retirement income, insurance, and insurance technology; sports and media.[1][6][7][8][9]

History

Eldridge was formed in 2015 by CEO and Chairman Todd Boehly, President Anthony D. Minella, and General counsel Duncan Bagshaw,[10][11] after Boehly purchased several media properties controlled by Guggenheim Partners.[8][4]

In March 2017, Eldridge led a round of funding estimated at over $100 million for DraftKings, a daily fantasy sports contest provider.[2][12] Eldridge also has a stake in the Los Angeles Dodgers;[13] Cloud9;[14] Atrium Sports; [15]The Ready Games;[16] and Epic Games.[10]

Eldridge seeded Essential Properties Realty Trust, a REIT that went public in June 2018 under the symbol NYSE: EPRT.[17]

The firm also provided financing to Prescient, a building technology platform, for $50 million in July 2018.[18]

In 2018, Eldridge also became a partner for the Global Citizen Festival, which was held in South Africa to honor the life and legacy of Nelson Mandela in his centenary year.[19]

In October 2019, Eldridge invested $300 million in real estate investment company Kennedy Wilson.[20]

Eldridge owns Security Benefit Life Insurance, an insurer with $40 billion in assets;[13] Valence Media;[21] CBAM Partners, an SEC-registered investment advisor;[22] Stonebriar Commercial Finance, a large ticket commercial finance and leasing company;[23] and co-owns Cain International, a London-headquartered real estate firm which owns The Beverly Hilton and Waldorf Astoria Beverly Hills.[24][25][26]

Eldridge has invested in fintech companies PayActiv and Truebill.[27]

Media holdings

In 2015, Eldridge put some of its media properties up for sale, including Adweek and the Clio Awards.[28] Adweek was sold a year later to Beringer Capital, a private equity firm that invests in digital media and marketing services.[29] The Clio Awards, a 58-year-old ad industry event, was sold to investment company Evolution Media in 2017.[30]

In December 2016, Billboard-Hollywood Reporter Media Group purchased the music publications Spin, Stereogum and Vibe from SpinMedia for an undisclosed amount.[31]

In February 2018, Eldridge announced it would be consolidating three of its entertainment properties into a new company, Valence Media. The properties included Media Rights Capital (MRC), an independent movie and TV production company; Dick Clark Productions, a producer of award shows and other live event programming; and the Billboard-Hollywood Reporter Media Group, which includes The Hollywood Reporter and Billboard industry trade publications.[32][33][34]

MRC's co-founders Asif Satchu and Modi Wiczyk serve as co-CEOs of Valence and Boehly serves as Chairman.[33][35] Valence also owns a minority stake in film distributor A24.[34]

References

  1. ^ a b c "Company Overview of Eldridge Industries LLC". Bloomberg L.P. August 16, 2018.
  2. ^ a b "Dodgers' Boehly Leads $100 Million DraftKings Investment". Bloomberg. Retrieved 10 March 2017.
  3. ^ "About Us". Eldridge.com.
  4. ^ a b "Eldridge Industries". Crunchbase. Retrieved September 2, 2018.
  5. ^ "Dodgers Co-Owner Takes Stake in Beverly Hilton Hotel". Bloomberg L.P. August 17, 2018.
  6. ^ "Guggenheim Prepares To Sell Hollywood Reporter, Dick Clark Productions To Exec". Deadline.com. Retrieved 18 December 2015.
  7. ^ "Guggenheim Media Spins Off Money-Losing Hollywood Reporter, Billboard to Company President Todd Boehly (Exclusive)". The Wrap. Retrieved 18 December 2015.
  8. ^ a b "Hollywood Reporter Parent Company Spins Off Media Assets to Executive". The Hollywood Reporter. Retrieved 3 January 2016.
  9. ^ "Conn. PE Firm Eldridge Closes $1.4B In Funding". Law360. April 15, 2019.
  10. ^ a b "From CLOs to 'Ozark,' ex-Guggenheim president builds an empire". Financial Planning. 2019-09-09. Retrieved 2020-06-16.
  11. ^ "Duncan Bagshaw". www.bloomberg.com. Retrieved 2020-06-16.{{cite web}}: CS1 maint: url-status (link)
  12. ^ Curt Woodward (March 9, 2017). "Another $100 million in financing for DraftKings". The Boston Globe.
  13. ^ a b Childs, Mary. "Former Guggenheim President Todd Boehly Is Growing His Investment Empire, From the Dodgers to Collateralized Loans". www.barrons.com. Retrieved 2020-06-16.
  14. ^ Perez, Matt. "Cloud9 eSports Team Closes Series A Funding, Investors Include Joe Montana, Alexis Ohanian". Forbes. Retrieved 2020-06-16.
  15. ^ Young, Jabari (2019-12-16). "Atrium Sports buys sports analytics provider Synergy to create $100 million sports data and AI company". CNBC. Retrieved 2020-06-16.
  16. ^ "Ready raises $5 million for hyper-casual esports platform". VentureBeat. 2019-08-27. Retrieved 2020-06-16.
  17. ^ Kristy Westgard (June 21, 2018). "'Retail Apocalypse' Didn't Scare This Landlord Off an IPO". Bloomberg L.P.
  18. ^ Iris Dorbian (July 23, 2018). "Prescient snags $50 mln Series E". PE Hub.
  19. ^ Lexy Perez (July 9, 2018). "Beyonce, Jay-Z Among Headliners at Global Citizen Festival Honoring Nelson Mandela Centennial". The Hollywood Reporter.
  20. ^ "Kennedy Wilson receives $300M investment, announces new $1.5B target for West Coast fund". The Real Deal Los Angeles. 2019-10-18. Retrieved 2020-06-16.
  21. ^ Wallenstein, Andrew; Wallenstein, Andrew (2018-02-01). "Media Rights Capital, Dick Clark Prods., THR-Billboard Form Combined Company". Variety. Retrieved 2020-06-22.
  22. ^ "CLO Roundup: CBAM marketing its fourth $1B CLO of the year". Asset Securitization Report. 2017-11-17. Retrieved 2020-06-22.
  23. ^ Finance, Stonebriar Commercial. "Stonebriar Set to Close its Fifth Equipment Securitization Transaction for $650 Million". www.prnewswire.com. Retrieved 2020-06-22.
  24. ^ "From CLOs to 'Ozark,' ex-Guggenheim president builds an empire". Financial Planning. 2019-09-09. Retrieved 2020-06-22.
  25. ^ Gittelsohn, John; Clark, Patrick (17 August 2018). "Dodgers Co-Owner Takes Stake in Beverly Hilton Hotel". www.bloomberg.com. Retrieved 2020-06-22.{{cite web}}: CS1 maint: url-status (link)
  26. ^ Lazaroff, Leon. "Dick Clark Productions deal expected to close in coming weeks". TheStreet. Retrieved 2020-06-22.
  27. ^ Basak, Sonali; Surane, Jennifer (1 April 2020). "US Hourly Workers Pressured by Crisis to Get Paid Sooner". www.bloomberg.com. Retrieved 2020-06-22.{{cite web}}: CS1 maint: url-status (link)
  28. ^ Keith J. Kelly (May 31, 2016). "AdWeek, Clio Awards put up for sale". New York Post.
  29. ^ "Adweek acquired by private equity firm Beringer Capital". TechCrunch. Retrieved 19 July 2016.
  30. ^ "Clio Awards Acquired by Global Investment Firm Evolution Media". Adweek. Retrieved 2018-03-29.
  31. ^ "Hollywood Reporter-Billboard Group acquires Spin, Vibe and Stereogum". The Los Angeles Times. December 23, 2016. Retrieved December 13, 2018.
  32. ^ Wallenstein, Andrew (2018-02-01). "Media Rights Capital, Dick Clark Prods., THR-Billboard Form Combined Company". Variety. Retrieved 2018-03-29.
  33. ^ a b Faughnder, Ryan. "'House of Cards' producer MRC merges with Dick Clark Productions and Hollywood Reporter publisher". Los Angeles Times. Retrieved 2018-03-29.
  34. ^ a b Diane Haithman (February 2, 2018). "Billboard-Hollywood Reporter, Dick Clark Productions and MRC Merge as Valence Media". Los Angeles Business Journal.
  35. ^ Tony Maglio (February 1, 2018). "THR to Combine With Dick Clark Productions, 'House of Cards' Studio in New Todd Boehly Banner". TheWrap.
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