Bain and Nextalia acquire Deltatre

Private investment firm Bain Capital and Italian asset manager Nextalia SGR have acquired sport tech provider Deltatre.

According to Sportico, the deal is to be worth between $700m and $900m (£572m - £736m), a large increase on the $159m (£130m) deal which saw current owner Bruin Capital acquire the company in 2016. Bruin has worked with advisory firm Evercore to assist the agreement. It was formerly linked with making a sale in 2019, but the process ended with the pandemic.

There is no information on the split between Bain and Nextalia.

Deltatre supplies streaming technology and website services to the likes of FIFA, UEFA, Discovery, the BBC, Channel 4, BT Sport, the Premier League, and more. It is expected to generate $180m (£147m) of revenue in 2022.

Its co-founder, Giampiero Rinaudo, was replaced as CEO by Andrea Marini, the son of another co-founder, Luca Marini, late last year.

At the time, Marini said: “I am particularly excited to continue our strong partnership with [Bruin Capital founder and CEO] George Pyne and the Bruin team.”

Pyne himself added: “We are confident he can build on its momentum and take its customers and employee community to new levels. I look forward to collaborating with him, and he will have the full extent of our resources and support.”

However, it appears the pair will no longer work together on Deltatre, as more federations and broadcasters look to streaming, Deltatre’s specialism. Last week, MLS sold its global rights to streaming only platform Apple TV.

Andrea Marini CEO of Deltatre, who will continue to lead the business with the existing management team and remain a significant shareholder in the company, said: “It’s never been a more exciting time for the media and sport industries. Rapid technological innovation in how content is produced, distributed, and consumed has opened new opportunities for rights owners to monetize and reach their fans globally, and Deltatre sits at the heart of this shift. I am excited to welcome Bain Capital and Nextalia SGR as our new partners as we enter this exciting chapter in our company history.

“From the start it has been clear that they share many of the same core values that are held by the wider Deltatre community and that have contributed to our long-standing reputation as the premier technology provider for many of the world’s most recognizable brands. We believe that their guidance and support will accelerate our mission of transforming the way the world engages with content on their favorite platforms. Finally, I’m extremely grateful for the support of George Pyne and the team at Bruin Capital. They have been a terrific partner over the last six years, and we have achieved great things together.”

Luca Bassi, a managing director at Bain Capital, added: “We are delighted to be partnering with Andrea and the team of Deltatre. They have built a world leading sports and entertainment technology provider and the strides they have taken to date is very much testament to the quality of their team and the initiatives they have deployed. We look forward to working with them on the next phase of Deltatre’s growth journey. Bain Capital has the expertise to help deliver value around revenue model, delivery, talent and M&A.”

Francesco Canzonieri, Nextalia SGR CEO, commented: “We are proud to support an Italian excellence such as Deltatre, a company founded and rooted in Turin capable of affirming its leadership at a global level. The investment in Deltatre and in its management team represents a clear example of how Nextalia can leverage on its competences and network and help the company in further developing its business in Italy as well as globally.”

Bain Capital and Nextalia SGR received financial advice from HSBC and Nomura, and legal advice from Weil Gotshal & Manges and Legance and Gatti Pavesi Bianchi Ludovici.