Legends closes majority investment from Sixth Street

Food, beverage, merchandise retail and stadium operations giant Legends has today (Monday) confirmed the closing of its previously announced majority investment from global investment firm Sixth Street.

Legends first announced the outline agreement on January 12 and the deal has now been closed. Financial terms were not disclosed, but multiple reports last month claimed that it valued Legends at $1.35bn (£988m/€1.1bn).

Sixth Street leads the Legends partnership group alongside co-founders YGE Holdings, an affiliate of the New York Yankees Major League Baseball team, and Jones Concessions LP, an affiliate of the Dallas Cowboys NFL American football franchise.

The new majority investment from Sixth Street will support Legends’ current management team in the long-term growth of the company’s global client relationships. The investment will also support enhancements to Legends’ 360-degree platform of premium experience offerings across sport, entertainment and attractions.

It has been reported that Sixth Street will have a majority shareholding following the conclusion of the deal, with the Yankees and Cowboys splitting the remaining stake.

It emerged last March that the Yankees and Cowboys were assessing the sale of Legends, which they formed in 2008. In May 2017, New Mountain Capital acquired a minority stake in the New York-headquartered company, with the investment fund reportedly securing about one-third of Legends in a deal that valued the company at more than $700m.

After Legends last month confirmed its agreement with Sixth Street, it was reported by US credit rating agency Fitch Ratings that the company was seeking to raise up to $500m to help it ride out the impact to its business caused by COVID-19.

Fitch said the refinancing transaction was being executed concurrently with the equity investment by Sixth Street.