TPG Capital, the private investment firm that owns more than half of Creative Artists Agency, has acquired the payroll software powerhouse Entertainment Partners.
The formerly employee-owned company, which provides payroll and other workforce management services including residuals calculations for clients across the entertainment industry, announced the acquisition in a statement Tuesday night. The company’s management team will remain in their current roles.
Terms of the deal were not disclosed. The acquisition is expected to close in the second quarter of 2019, according to Entertainment Partners.
TPG Capital did not immediately respond to a request for comment from TheWrap.
The deal comes as talks between the major talent agencies and the Writers Guild of America on a new agreement have stalled over the issue of packaging deals.
WGA will be holding a four-day member vote beginning Wednesday on a new code of conduct that if passed would require Agencies representing writers to abandon packaging.
“We’re thrilled to have found a partner that is excited about our strategic vision as we support the evolution of the entertainment industry. Through decades of hard work and dedication by our talented team, and through a rewarding collaboration with the experts — our clients — we have made great strides toward digitizing and integrating production workflow. We now begin an exciting new chapter in which the significant resources and expertise of TPG will greatly accelerate our vision,” Mark Goldstein, president and CEO of Entertainment Partners said.
“We look forward to a productive long-term partnership that advances our opportunities to deliver phenomenal service to our clients.”
American Discovery Capital acted as exclusive financial advisor to Entertainment Partners, while Skadden, Arps, Slate, Meagher & Flom LLP acted as M&A counsel.