LeBron James’ consumer and entertainment shop The SpringHill Company has closed a minority stake sale to a consortium of investors, bringing its valuation to $725 million.
As Variety reported last month, the investors include RedBird Capital Partners, Fenway Sports Group and Nike. Also included in a Thursday announcement was Epic Games, which will usher the NBA legend’s company and its CEO Maverick Carter into the world of gaming. UC Investments, an early participant in the company, has also expanded its position.
While the size of the stake on the table was not disclosed, insiders said James and Carter maintain controlling interest.
The investment will “enable SpringHill to significantly expand its current businesses of IP development, commerce, content, brand consulting and live events,” the company said.
Founded in 2020, SpringHill has mostly operated in the content space. However, the company seeks to break further into sectors like apparel and events, establish an international presence and acquire intellectual property.
“SpringHill’s mission is empowering greatness in every individual,” said Carter. “We started this company with the tagline ‘More Than an Athlete’ which still defines everything we do to this very day. We are an incredible team of athletes, artists, writers, designers, musicians and countless other creators. With this new group of investors who are the very best in their respective industries we are going to be able to empower our community and every creator to do their most inspiring work and achieve their most ambitious dreams.”
Gerry Cardinale, founder and managing partner at RedBird, said his “partnership with SpringHill should enable us collectively to optimize that mission with scalable capital and a business building mentality that will continue to elevate more diverse voices and a drive towards greater empowerment.” The executive has invested in institutions like David Ellison’s Skydance and Casey Wasserman’s firm. Last year, RedBird sealed a $700 million sale of its NFL On Location luxury events business to Endeavor.
Thus far, SpringHill has mounted projects like “Space Jam: A New Legacy,” the Uninterrupted series “The Shop” on HBO and brand partnerships with the likes of Procter & Gamble, Chase, PepsiCo and Uninterrupted apparel collections. The company has also been awarded by the Emmys, the NAACP, Cannes Lion and the Webby Awards.
Main Street Advisors, a strategy and investment platform for top businesses and individuals, served as advisor to SpringHill on the transaction, led by Main Street CEO Paul Wachter.
“Bringing this incredible consortium of companies and investors together for this deal will supercharge SpringHill’s development and growth. We are as proud of being part of this journey with them as anything else we’ve done in our 25-year history of working with extremely talented entrepreneurs, athletes and entertainers,” Wachter said.