Bankers for IMG Worldwide have cut to 10 the list of suitors for the talent agency that houses supermodel Gisele Bundchen and a host of pro athletes and sporting events.
IMG, set to sell for around $2 billion, initially attracted about two dozen bidders, sources said, before the list was cut for a second round.
Those crossing the first hurdle include: CAA-TPG; WME-Silver Lake; KKR and New Mountain Capital; Bain Capital; CVC Capital, the private equity firm joined with the Abu Dhabi Investment Authority and Bahrain’s Mumtalakat.
Carlyle is also moving forward, as is media investor Peter Chernin.
Those thought to be interested but not submitting bids included Guggenheim Partners, Colony Capital, Thomas H. Lee Partners and Providence Equity. Colony’s interest waned after it lost its financial whiz kid Richard Nanula in a porn scandal, while Providence acquired a rival sports firm, Learfield Communications, in recent weeks. France’s publishing house Lagardère didn’t make the cut either.
Reps from talent agency CAA, which is backed by private equity firm TPG, met with IMG’s banks Tuesday, while Rizvi Traverse Management is set to meet Wednesday.
“The response was overwhelming — they had trouble cutting it 10,” said one source familiar with the process.
Some bidders are bringing along their bankers to meetings to prove their financing.
IMG is owned by Forstmann, Little, a private equity firm that has been in the process of winding down since the death of its founder Teddy Forstmann in 2011.
The sale process has been overseen by Washington lawyer Mark J. MacDougall. Bankers on the deal are Evercore and Morgan Stanley.
The companies couldn’t be reached for comment at press time.