Bloomberg News says Crestview Partners mulling full or partial sale of NEP Group
Bloomberg News is reporting that the private equity backers of NEP Group, Crestview Partners, are mulling a full or partial sale of the broadcast services company. Crestview is said to be working with an adviser to sell its stake in the company and Carlyle Group has a first option to buy that interest, which could give the company an enterprise value of about $2.5 billion.
Carlyle agreed to buy a minority stake in NEP in 2016 using capital from Carlyle Global Partners, a pool designed to hold companies for longer than the typical five-year time frame so it can double its investment. If Carlyle decides not to take control, it or Crestview could elect to sell to a third party, according to the story.
Crestview has been a shareholder in the Pittsburgh-based company since 2012.