A 10-and-under youth hockey game in Minneapolis in 2024. Livebarn livestreams amateur and youth sports games from across North America.Abbie Parr/The Associated Press
U.S. private equity firm GTCR LLC has closed a US$400-million-plus deal to buy LiveBarn Inc., a Montreal company that livestreams amateur and youth sports over the internet from thousands of arenas, courts and fields across North America.
The deal, first reported by The Globe and Mail in January, saw GTCR’s newly formed platform, Ascent Sports Group, buy LiveBarn as its debut deal as part of a strategy to invest in the fragmented market for technology serving the youth and amateur sports market. A portion of the financing was provided by LiveBarn backer Ares Management Corp., the alternative-asset management giant, which is remaining an investor. Management also rolled over some equity in the deal, which was managed by investment bank Raymond James.
The parties did not disclose terms, but the deal’s value was confirmed by a source familiar with the matter. The Globe is not identifying the source as they are not authorized to discuss the matter.
LiveBarn chief executive officer Farrel Miller will join Ascent’s board and give up leadership of the company he founded 12 years ago to chief operating officer Raymond Giroux, a former National Hockey League defenceman.
“LiveBarn has created a unique platform that helps athletes and their families see and share their games whether they’re across town or across the country,” said Mr. Miller, who previously founded pioneering internet livestreaming service JumpTV Inc. in 1998, said in a release last month. “I’m proud of what we’ve built and look forward to continuing to support the business and its mission in the years ahead.”
The takeover required approval of Industry Minister Mélanie Joly and Marc Miller, Minister of Canadian Identity and Culture.
‘Remarkable’ tech tools transform youth sports leagues
The youth sports and sports technology markets have been experiencing a mergers and acquisitions wave, which also saw Montreal-based Sportlogiq Inc., which uses artificial intelligence to generate advanced analytics for NHL teams and sports broadcasters, sold recently to Teamworks, a U.S.-based consolidator in the space.
LiveBarn’s fully automated system livestreams games by tracking the flow of the action similar to NHL broadcasts, using a patented system that relies upon multiple cameras mounted around playing surfaces.
The company built its business by providing cameras for free to venues in exchange for exclusive streaming rights to games the venues hosted. It charges subscription fees and shares revenue with facility owners. That strategy enabled the company to grow quickly, providing an option during the COVID-19 pandemic for relatives of players to watch games from the safety of their homes.
LiveBarn’s service includes play tracking and single-game breakdowns that focus on individual player performance. Players can also post short clips to social media. Its cameras are installed at more than 4,000 playing surfaces in almost every U.S. state and Canadian province and territory. The profitable company’s revenues were about $80-million in December, when the parties struck the deal.
LiveBarn has several brands, including GameOnStream, which streams hockey games in Ontario. Basketball and volleyball games are streamed via BeTheBeast, while MNHockey.TV is for Minnesota high-school hockey games.
“LiveBarn has built a powerful platform within youth hockey, and we are excited to leverage its capabilities to deliver a more seamless digital experience,” Ascent CEO Gary Swidler said in a release.
Its prior backers included the investment firms of Montreal Canadiens coach Martin St. Louis and Cirque du Soleil founder Guy Laliberté, plus Philadelphia-based Susquehanna Growth Equity, Rho Canada and BDC Capital Growth Equity Partners.