NEP Broadcasting sold to Crestview Partners for $800 million

NEP Broadcasting and its affiliates have been sold by American Securities LLC to Crestview Partners for an estimated $800 million. Jeff Marcus, Partner at Crestview and head of the firm’s media strategy, said, “We have followed NEP’s performance since 2006 and have the highest respect for the company and their management team.  We are delighted to have management as significant investors alongside us, and look forward to working together to continue NEP’s success in this next stage of growth.”

NEP has the largest fleet of mobile units and global production studios with a global headquarters located in Pittsburgh, PA. The company also maintains a headquarters in the United Kingdom to serve its European customers.

For American Securities, the sale caps nearly six years of partnership with the company’s management team and significant accomplishments by NEP over this period.  Since American Securities’ acquisition in February 2007, NEP has grown both revenue and its employee base by more than 75%.

Marc L. Saiontz, Managing Director at American Securities, said, “Our partnership with Deb Honkus, Kevin Rabbitt and the rest of the NEP management team has been a success in every way. American Securities worked together with them through Deb’s transition from long-time CEO to Chairman and the recruitment of Kevin to the role of CEO, as well as to develop a multi-faceted growth plan. NEP is the global market leader and has achieved superior growth and a strong investment return for our investors and management partners.”

Kevin Rabbitt, CEO of NEP, stated, “We have had an excellent partnership with American Securities and appreciate their support in helping us advance to new levels through eight add-on acquisitions, capacity expansions, significant growth in the entertainment space, and development of a new organisational structure.  In addition, we are excited about our new partnership, and it is clear that Crestview, as experienced media investors, will be good partners in supporting our clients, our employees and our future growth plans.”

Deb Honkus, Chairman of NEP, added, “While NEP has grown considerably, the one thing that has not changed is our dedication to world-class customer service.  Every member of the NEP team is committed to delivering superior service which supports our clients in producing exceptional broadcasts.”

Kaye Scholer LLP acted as legal advisor and Barclays, UBS and AGM acted as financial advisors to NEP.  Paul, Weiss, Rifkind, Wharton & Garrison LLP and Kirkland & Ellis LLP acted as legal advisors and Morgan Stanley acted as financial advisor for Crestview Partners.  Barclays, Morgan Stanley and GE Capital are providing financing for the transaction.

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