GTCR has reportedly acquired hockey-focused streamer LiveBarn for $400M.
The news comes days after the Chicago-based PE firm launched Ascent Sports Group — a youth sports tech platform — with former Match Group COO Gary Swidler.
LiveBarn began exploring a sale in May
Montreal-based company has cameras in over 2K venues
Locations in 49 states, 10 provinces
Subscription model with live games, on-demand replays
Live tagging, highlights, AI-powered analysis tools through Sportloqic
Company is reportedly profitable with around $80M in annual revenues
The deal will require Canadian regulatory approval since it is a foreign takeover, according to The Globe and Mail. Sportico also reported the deal has been “on and off for months” and some claimed it had recently fell apart.
LiveBarn was the subject of a government privacy probe last year after one of its cameras accidentally live streamed a kids summer camp in Ontario. It is also currently in litigation with former partner Black Bear Sports Group — a Buying Sandlot sponsor — regarding BBSG’s streaming service.
There are too many unknown variables to draw conclusions on what this deal means for any potential SportEngine sale beyond it’s interesting that GCTR is paying what many have thrown out as a potential sticker price Versant would aim for.
What is crystal clear: GCTR/Ascent Sports Group is playing for keeps.
It feels like this could become a race between LiveBarn and GameChanger to grow via adoption in sports beyond their respective wheelhouses, with basketball as the obvious main battleground to start — something we’ve long predicted would emerge as the prevailing strategy in such a fragmented space.
Globe and Mail reports that LiveBarn has revenue in the neighborhood of $80M and is profitable. So we’re looking at a 5x revenue multiple for a dedicated youth sports streamer.
Meanwhile, GameChanger, which is projected to have $150M in revenue, would certainly be worth more than $1B if it were a standalone company. Valued as a streamer it would be worth $750M with a 5x multiple, but it has more platform elements than LiveBarn and, thus, would get a higher multiple.
Anyway, this explains why so many in the space - from Black Bear, to TeamSnap, to GC - are investing so heavily in expanding their streaming offerings. With some scale, it’s a 10-figure business opportunity.
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Good game.