Providence backs THE•TEAM buyout of founder Casey Wasserman's stake
What's the deal? Providence Equity PartnersDealroom has a profile for this one. Try Dealroom → is making an additional investment in THE•TEAM to fund the sports, music, and entertainment company's acquisition of founder Casey WassermanDealroom has a profile for this one. Try Dealroom →'s remaining ownership interest. Financial terms were not disclosed. The deal is expected to close in the second half of 2026, subject to customary closing conditions.
Who's involved? Providence, a middle-market private equity firm focused on media, communications, and education, first invested in THE•TEAM in 2022 and is its majority owner. Wasserman founded the then-eponymous WassermanDealroom has a profile for this one. Try Dealroom → Media Group in 2002 and built it into a global marketing and talent representation business over two decades. He announced his decision to sell in 2026.
What changes? Michael Watts, president since 2014, will become chief executive officer upon close. Watts took over day-to-day control in February 2026 and has been with the company since its 2002 founding.
Why now? The investment follows a competitive sale process with multiple rounds of bids from prospective buyers and investors. Providence chose to deepen its stake rather than exit.
Why it matters? "The robust interest in the Company throughout this process only reinforced our belief in the business," said Davis Noell, senior managing director and co-head of North America at Providence. The firm cited "the long-term growth in demand for in-person experiences across sports, music, and entertainment."
What's next? As majority investor, Providence said it will continue backing organic growth and strategic M&A to expand THE•TEAM's capabilities. J.P. Morgan Securities is exclusive financial advisor to Providence; Kirkland & EllisDealroom has a profile for this one. Try Dealroom → is legal counsel.
The signal: A founder's full exit paired with a sponsor doubling down signals confidence in the live-experience economy, where sports, music, and entertainment rights continue to draw investor capital.
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