In remarks made during the Financial Times' Business of Luxury Summit in Beverly Hills, CAA managing partner Bryan Lourd confirmed published reports that the agency is meeting with outside firms, which he declined to identify. According to the New York Times, the agency is in discussions with private equity and buyout giant Kohlberg Kravis Roberts and investment firm TPG Capital. ...
Lourd said [CAA's] growth -- including wooing top sports agents such as Tom Condon and Ken Kremer -- has been self-financed from internal funds. ... "I'm told that's unusual. I'm told there's a better way," Lourd said during the morning keynote.
Lourd said the discussions might not lead to a transaction, but CAA is interested in bringing smart people together in a room to discuss financial options. In the event that CAA brings in outside investors, Lourd said he and other top agents, Kevin Huvane, Richard Lovett and David O'Connor, would remain with the agency.
"That's not accurate that we'd ever turn over control of our company or leave," Lourd said. "We all love it."
OK, first of all, there's a "Business of Luxury" summit? I can't even imagine what goes on there, though I'd like to try. Whatever - read the rest of the article here.
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