Azimuth, one of the largest independent asset management companies in Europe, through its American subsidiary Azimut Alternative Capital PartnersLLC (“AACP”), has entered into an agreement to acquire a minority interest in BroadLight Holdings, LP (“BroadLight”), a Private Equity company specializing in investments in high growth and innovative companies in the technology and consumer sectors.
AACP was formed in November 2019 with the aim of creating partnerships with management companies specializing in alternative investments in the United States, providing them with permanent capital to grow and reach their maximum potential. The transaction with BroadLight represents AACP’s fourth acquisition and second investment in unique emerging asset managers, following its partnership with HighPost Capital in 2021. AACP completed its first transaction in 2020 with the acquisition of a 20% stake in Kennedy Lewis which operates in the private credit sector, followed by the acquisition in March 2021 of 12.5% in HighPost Capital (consumer private equity) and the acquisition in July 2021 of 20% in Pathlight Capital, a private credit manager specialized in asset-based lending. With the acquisition of a stake in BroadLight, AACP Partners’ combined assets in the alternatives sector reach over $ 12 billion (approx. $ 2.3 billion pro-rata for AACP).
BroadLight is a private equity firm focused on innovative and fast-growing companies in the global technology and consumer sector. The company was founded in 2021 by partners David Dorfman, who has over 21 years of investment experience in the technology and media sector, Rick Yorn, CEO and founder of LBI Entertainment, a leading talent management and production company in the entertainment industry, and Kevin Yorn, founding partner and CEO of Yorn Levine, a leading entertainment and business law firm. BroadLight seeks to connect its vast network of relationships within the media and entertainment industry with the skills and experiences of its principals, to enable entrepreneurs and founders to grow and create long-term value. Taken together, the companies founded by Rick and Kevin Yorn represent some of the most iconic names in the entertainment industry, including Jessica Biel, Lily Collins, Steph Curry, Charli D’Amelio, Ellen DeGeneres, Benicio Del Toro, Cameron Diaz, Leonardo DiCaprio, Snoop Dogg, Jamie Foxx, Jonah Hill, Scarlett Johansson, Alicia Keys, Jennifer Lawrence, Matthew McConaughey, Jordan Peele, Chris Rock, Zoe Saldaña, Martin Scorsese, the creators of Squid Game, the creators of Stranger Things, Jason Sudeikis , Justin Timberlake, Reese Witherspoon and many others.
BroadLight’s investment team, led by David Dorfman, also consists of Landon Jaussi and Kenneth Chan. Landon has 10 years of growth capital and investment banking experience and previously worked as a growth equity investor at Wellington Management and Technology Crossover Ventures. Kenneth has 15 years of growth capital and principal investing experience and previously worked at Macquarie Capital and Tennenbaum Capital Partners.
The transaction involves the purchase by AACP of a 10% stake in BroadLight, by investing permanent capital in the business. The proceeds will be used as working capital to invest in the team and in the development of the corporate structure. AACP’s investment will not result in any change in the strategy, management, investment process or day-to-day operation of BroadLight or any product managed by BroadLight. Azimut will also have a seat on the Advisory Board.
On behalf of BroadLight, the co-founder and managing partner David Dorfman comments: “The partnership with Azimut offers BroadLight the opportunity to further accelerate its growth and pursue attractive investment opportunities globally. In recent months, we have got to know the senior management of AACP and Azimut in Italy, Luxembourg and in the United States and we were impressed by their attention to customers and shareholders. “
BroadLight co-founders and partners Kevin Yorn and Rick Yorn add, “BroadLight is a natural extension of the customer-centric businesses we have carried out over the past 30 years. We have introduced hundreds of high-growth businesses to our network. of contacts that extends beyond the global entertainment business, reaching entrepreneurs, creatives, investors and cultural influencers. The fund, our partners and our clients now have the unique opportunity to participate in new investment opportunities. We are proud of what we are we have built and are grateful for our existing and new relationships that make this exciting new chapter of our history possible. “
Jeff Brown, AACP’s chief executive officer, comments, “We are continually impressed with David Dorfman and the people who make up his investment team – many of whom have already worked with him for several years. Nobody knows Hollywood better than the Yorn family. BroadLight provides fantastic investment pipeline from leading entertainment industry stars, who in turn will invest alongside Azimut customers and help accelerate the growth of their portfolio companies. We are honored to be their partner and excited about the opportunities this collaboration with the team of BroadLight will take us. “
Gabriele Blei, chief executive officer of Azimuthcomments: “This agreement represents Azimut’s fourth operation in private markets in the United States in just over 24 months of activity. Our goal is to continue to increase our skills within this segment, offering unique and innovative products. to our customers around the world. Today the group manages over $ 5 billion in the real economy, equivalent to approximately 9% of our total assets under management, with the aim of reaching and exceeding 15% by 2024. We are we are pleased to have found partners such as BroadLight who will help us reach this target and, as with our other subsidiaries, we will launch vehicles through our Luxembourg platform, enhancing Azimut’s distribution capabilities “.