Providence Equity Partners Announces Additional Investment in THE•TEAM
Michael Watts to be Elevated to Chief Executive Officer
Announcement Marks Successful Completion of Highly Competitive Sale Process and Reflects Continued Conviction in the Business, its Leadership Team, and its Long-term Growth Prospects
NEW YORK, July 28, 2026 — Providence Equity Partners L.L.C. (“Providence”), a leading middle-market private equity firm, alongside THE•TEAM, a global leader in sports, music, and entertainment, has announced an additional investment by Providence intended to support the acquisition of founder Casey Wasserman’s remaining ownership stake in the company.
Today’s announcement signifies the successful conclusion of a rigorous sale process, demonstrating strong interest from potential buyers and reinforcing Providence’s confidence in THE•TEAM’s strategy and impressive growth trajectory. Providence’s involvement with THE•TEAM began in 2022, and they have since collaborated closely with the management team to catalyze substantial growth.
Wasserman, who founded the agency in 2002, made the decision to sell his ownership earlier this year. Michael Watts, previously President since 2014, will step up as Chief Executive Officer of THE•TEAM upon the closing of the transaction. Watts has been a crucial part of the leadership team since the company’s inception.
Davis Noell, Senior Managing Director at Providence, expressed enthusiasm about strengthening their partnership with THE•TEAM. He noted the robust interest in the company during the sale process, which validated their belief in the business and the upcoming phase of growth.
Wasserman remarked on his pride in the agency’s journey from a small agency to a global leader, emphasizing his confidence in THE•TEAM’s future. Providence will continue to support both organic and strategic growth initiatives for THE•TEAM.
The transaction is expected to close in the second half of 2026, pending customary conditions. Financial terms were not disclosed.
Advisors
- Providence Equity Partners: J.P. Morgan Securities LLC (exclusive financial advisor), Kirkland & Ellis LLP (legal counsel).
- THE•TEAM: Moelis & Company LLC (exclusive financial advisor), BDT & MSD Partners (financial advisor to Casey Wasserman), Sullivan & Cromwell LLP (legal counsel to Casey Wasserman and THE•TEAM).
About Providence Equity Partners L.L.C.
Providence is an influential private equity firm with significant expertise in media, communications, and education, focusing on North America and Europe. The firm aims to invest in businesses benefiting from long-term growth trends in experiences and connectivity.
About THE•TEAM
THE•TEAM provides representation and marketing services worldwide, believing in the unifying power of sports, music, and entertainment.
Media Contacts:
- Providence Equity Partners: Pro-Providence@profileadvisors.com
- THE•TEAM: press@the.team
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SOURCE Providence Equity Partners L.L.C.
