Episode summary
Blitzer-Backed PE Firm Raises $400 Million for Sports Bets | Bloomberg Businessweek
Bloomberg Businessweek Daily
· · 11 min · Hosts: Tim Stenovec, Emily Graffeo · Guests: Isaac Harrouche, Mike Berlin
Summary
154 Partners says it has closed a debut fund at $400 million and plans to use it on founder-run, lower-middle-market businesses, especially in business services, residential services and sports-related operations. The guests said the firm wants companies with no prior institutional capital, and that its edge is pairing operational help with flexible capital structures rather than pursuing a quick flip.
The guests described the sports angle as broader than team ownership. They are looking at the companies that power live events, including guest services and staffing for NBA, NFL and concert venues, and they said they have already backed an accounting platform in the Mountain West and a staffing business tied to sports venues. They also highlighted golf as an area where smaller operators still need capital and expertise.
AI came up as both a risk and an opportunity. The guests said accounting businesses need to adopt AI quickly, while venue staffing is fundamentally a people business that could benefit from labor displacement. They said the fund has a traditional five-year investment period, but because many of their backers are family offices with permanent capital, they have flexibility on exit timing and do not expect most businesses to be sold through an IPO.
Key takeaways
- 154 Partners says it raised $400 million and plans to build eight to 12 platforms with $40 million to $70 million of equity per deal.
- The guests said their core target is founder-run businesses with no prior institutional capital, especially in business services and residential services.
- They have already invested in an accounting services platform and a sports-venue staffing business.
- The guests said AI is a must-have for accounting efficiency but is not a direct threat to venue staffing, which is a people business.
- They expect returns to come more from free cash flow yield and organic growth than from leverage or multiple expansion.
Notable quotes
“We our primary focus is investing in founder-run businesses. So these are businesses that have never had institutional capital or investment before”
“We have a $400 million committed pool of capital. We're hoping to build somewhere between eight and 12 platforms deploying 40 to 70 million of equity per platform”
“On the guest services side, this is a people business. These are the folks in in the stadium that are taking your ticket, that are the ushers, that are on-field security”
“We'd like it to be the opposite”
How the episode opens
Bloomberg Audio Studios podcasts, radio, news. You're listening to Bloomberg Businessweek with Carol Massar and Tim Stenovec on Bloomberg Radio. Private equity firm backed by Blackstone vet David Blitzer just wrapped up a $400 million funding round.
They're looking to invest in unique sports-related businesses like companies that staff venues and more. It's called 154 Partners. Joining us to talk about the latest funding round and more are the firm's co-founder Isaac Haroush and Mike Berlin.
They join us here in the Bloomberg Businessweek studio, the Interactive Brokers studio. Guys, congratulations on the the funding round. Um Mike, I want I want to start with you and and and just get an idea for for the identity uh of what you are are sort of building your firm around.
Like sports is part of it, um middle market is part of it. Like what is the identity of the firm? We our primary focus is investing in founder-run businesses.
So these are businesses that have never had institutional capital or investment before. And then when you think about our sectors, we're focused on business services, residential services, professional services. So think elevator maintenance and repair, plumbing, accounting firms.
But then also have an expertise partnering with the businesses that power sports and live events. And you're backed by Blackstone vet Dave Blitzer who's obviously also very involved in sports. So I imagine that still comes up in conversations.
Just talk about what kinds of sports industries you are going to be interested in. So Tina Stenovec, Mike and I started our careers 15 years ago at Blackstone working with and for David Blitzer actually when he founded Tactical Opportunities Group. Um after Blackstone, I left to help David start and launch his family office which today is Bolt Ventures.
From the episode’s captions: roughly the first two minutes, lightly cleaned. Keep watching on YouTube →
Topics
- sports private equity
- fundraising
- middle market investments
- tactical opportunities investing
- sports betting investments
Companies and tickers mentioned
- BX
- 154 Partners
- Blackstone Inc.
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Summary, takeaways and quote selection by Octagon. Quotes are short excerpts; the full conversation is in the episode.
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