Mergers & Acquisitions

Two Circles on brink of £250m sale – reports

Featured Image: Photo by Cytonn Photography on Unsplash

Sports marketing agency Two Circles, which works with Formula One and the International Olympic Committee, is reportedly in advanced talks to be sold to buyout firm Charterhouse for £250m ($318m/€290m).

Two Circles bolstered its presence in the sports ticket and hospitality marketing sectors by acquiring Sports Ink in January 2021.

The company, founded by former international middle-distance runner Gareth Balch in 2011, could announce the completion of the deal as early as this week, according to Sky News.

Two Circles, which has been owned by Bruin Sports Capital since 2019, uses data on sports fans to help clients reach their target audience more effectively.

It also works with the Premier League, National Football League (NFL), and Los Angeles 2028 Olympic Games.

Balch is said to be continuing to run Two Circles and the existing management team even after the potential takeover.

The deal would represent a rare recent UK acquisition for Charterhouse, the London-based investment fund that has a diversity of investments primarily in healthcare and consumer services.

Two Circles has handled ticketing operations at a wide range of events including the FIFA World Cup, UEFA European Women’s Championship, Commonwealth Games, and Men’s ICC T20 World Cup.

It has also worked in live events and fan experience, notably with UK Athletics.

The company provided proprietary data technology solutions, data-driven content, and media support with a focus on building and modernising ticketing strategies and fan engagement for events such as the London Diamond League.

In December 2019, 80% of Two Circles was acquired by investment company Bruin Capital for $40 million.

Should the deal go through, it would mark a significant internal rate of return of more than 60% for Bruin Capital.

Bruin has also successfully bought and sold stakes in On Location Experiences, the official hospitality partner of the NFL that provides official ticket and travel packages for fans throughout the season.