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Bruin Capital is a New York-based private investment firm that specialises in working with capital partners and management teams to build best-in-class global sports platforms and enterprises.
Source of funding
When formed in January 2015, Bruin raised US$250 million in a funding round led by advertising giant WPP. In November 2019, it received an initial combined investment of US$600 million from private equity firms CVC Capital Partners and The Jordan Company (TJC). According to Sports Business Journal (SBJ), Bruin will likely close on new funding before the end of 2025.
Bruin’s capital partners consist of a collection of private equity and family investors that have committed over US$1 billion to the fund.
Investment thesis
Bruin has amassed US$2.5 billion in assets under management over the past decade. Rather than investing in teams, the firm targets what it describes as ‘picks and shovels’ businesses that span the global sports ecosystem.
George Pyne (pictured above), Bruin’s chief executive, has argued that team ownership delivers relatively modest, long-term returns with uncertain liquidity, whereas service, technology, media, and infrastructure companies that operate within sport can scale more predictably and generate stronger cashflows.
Bruin therefore focuses on businesses that are cash flow positive, have a low capex and possess high cash conversion. Pyne has also said that Bruin identifies “underdeveloped” businesses and analyses whether its global network can help them expand into new markets and become global leaders for their sector.
Bruin also seeks out companies at the forefront of changes in technology and media whose growth can be accelerated by the investment firm’s resources and expertise.
Bruin’s focus is more on the growth capital side of private equity, investing in businesses with a horizon of five to ten years, though Pyne has said “five to seven” years is the ideal timeframe.
Looking ahead, Bruin partner Jeff Roth has said he has an eye on youth sports, specifically “the convergence of youth and tech”. Fellow Bruin partner Anthony Crispino believes there are further opportunities in sports tech and has said the firm could open a European office and even venture “outside our comfort zone a bit to buy a couple things a bit bigger”.
Pyne, meanwhile, has noted that college sports have “a lot of great attributes” and could draw Bruin’s attention should the right opportunity arise. More broadly, he sees an opportunity for the company to offer new capital solutions and take on larger-scale, lower-return investments that could reshape the sports industry.
Bruin targets what it describes as ‘picks and shovels’ businesses that cover the global sports ecosystem
Key personnel
George Pyne – Founder and Chief Executive
Joined: January 2015
Role: Pyne oversees Bruin’s investment strategy, including leading on deal selection, value creation and international expansion.
Background: Pyne began his career with his family’s real estate business in Massachusetts. He later worked at real estate development firm Portman Companies before 11 years as chief operating officer at Nascar followed by nearly nine years as president of agency giant IMG.
Anthony Crispino – Founding Partner
Joined: January 2015
Role: Crispino works closely with Pyne on fundraising, strategic planning, business development, mergers and acquisitions (M&As), financial management, recruiting and talent development. He manages all Bruin operations and works directly with the firm’s portfolio companies.
Background: Crispino has three decades of experience in global operations and financial management across a range of industries, having worked at the likes of Bank of America and IMG.
Laurie Freeman – Operating Partner
Appointed: October 2022
Role: Freeman specialises in strategic operational finance and organisational transformation.
Background: Freeman joined Bruin from Warner Bros Discovery (WBD), where she was chief financial officer of the technology, real estate and corporate divisions. She also spent more than 17 years at Turner Broadcasting System, including as vice president of finance.
Jeff Roth – Founding Partner
Joined: February 2015
Role: Roth is responsible for sourcing, structuring and executing investments.
Background: Before Bruin, Roth served as vice president at Allen & Company. Earlier in his career, he worked in technology, media and entertainment investment banking at Citi.
Glen Brickman – Vice President
Appointed: January 2024
Role: Brickman identifies and evaluates new investment opportunities, assisting in due diligence and transaction execution, and supporting portfolio companies on strategic and financial matters.
Background: Brickman has worked at Tinicum Incorporated, a New York-based private equity firm. He began his career at Credit Suisse.
Brendan Pyne – Vice President
Appointed: August 2025
Role: Pyne plays a key role in driving strategic growth, operational efficiency and investment execution across Bruin’s global portfolio.
Background: Before joining Bruin, Pyne was chief of staff to the chief executive at New Fortress Energy, where he led global operations.
Michael Macias – Chief Financial Officer
Appointed: February 2020
Background: Macias joined Bruin after nine years as controller for Swander Pace Capital, a global private equity firm specialising in the consumer products industry.
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Transaction history
Soulsight
Type: Acquisition
Sector: Agencies
Market: North America
Date: October 2018
Bruin acquired Chicago-headquartered creative agency Soulsight, which has produced products for brands such as Campbell’s, Hershey’s, KraftHeinz, MillerCoors and PepsiCo.
TGI Sport
Deal value: US$100 million
Type: Investment
Sector: Virtual advertising
Market: Global
Date: March 2021
Bruin became a co-owner of sports technology, media and marketing company TGI Sport as part of a deal with Quadrant Private Equity. TGI operates across a wide range of sports, including soccer, cricket, rugby, American football and ice hockey, and its technologies have been deployed by the likes of Uefa, LaLiga, Major League Soccer (MLS), New Zealand Rugby (NZR) and Concacaf.
FairPlay Sports Media
Deal value: UK£155 million
Type: Acquisition
Sector: Sports betting
Market: Global
Date: July 2021
Bruin acquired sports betting affiliate Oddschecker Global Media (OGM) from gambling giant Flutter Entertainment in 2021 and rebranded it to FairPlay Sports Media. The company provides data-powered products and services for the sports betting industry, with a focus on audience engagement, partner services and connecting sports fans with operators.
Full Swing
Deal value: US$160 million
Type: Acquisition
Sector: Simulator technology
Market: Global
Date: July 2021
California-based Full Swing was the third and final Bruin acquisition of 2021. The sports technology and performance company is best known for producing golf simulators that are used at commercial, residential and entertainment venues. It is also an official licensee of the PGA Tour and official simulator of Golf Channel, as well as being used by players including Tiger Woods.
London-based Box To Box Films, one of the most prolific producers of unscripted sports content, received investment from Bruin in 2024 (Image credit: Netflix)
Proof of the Pudding
Type: Acquisition
Sector: Hospitality
Market: Global
Date: May 2023
Three years after selling On Location, Bruin made a move back into premium hospitality by taking a majority interest in catering and food service company Proof of the Pudding, whose clients have included golf’s Players Championship, Presidents Cup and the Tour Championship, as well as eight major college football stadiums and athletic departments.
PlayGreen
Deal value: PlayGreen valued at over US$100 million
Type: Acquisition
Sector: Turf management
Market: Global
Date: April 2024
Bruin took a majority stake in Dutch turf management company PlayGreen, which used the investment to support its push into the US and new sports, including golf and college athletics. The majority of PlayGreen’s clients are soccer clubs, including Premier League sides Arsenal, Chelsea and Manchester United, but it still counts the Boston Red Sox, Kansas City Chiefs and Dallas Cowboys among its North American customers.
Box To Box Films
Deal value: UK£30 million
Type: Minority stake
Sector: Media
Market: Global
Date: January 2024
Best known as the production company behind Netflix’s hit Formula One docuseries Drive to Survive, Box To Box said that it planned to use Bruin’s investment to expand into self-financed projects and new verticals, such as digital, branded and scripted entertainment. It also vowed to consider M&A opportunities on the back of the deal.
As1
Deal value: As1 valued at US$310 million
Type: Acquisition
Sport: Soccer
Sector: Agencies
Market: Global
Date: December 2024
Bruin launched international soccer representation agency As1 after acquiring Nomi Sports, Position Number, Promoesport and Football Division Worldwide. It is the firm’s first athlete representation platform and launched with more than 300 athletes and coaches as clients.
Bruin CEO George Pyne has argued that service, technology, media, and infrastructure companies in sport can scale more predictably and generate stronger cashflows than team ownership
Notable exits
Two Circles
Deal value: UK£250 million
Sector: Agencies
Market: Global
Date: January 2024
Bruin’s most recent high-profile exit came when it sold its majority stake in sports marketing agency Two Circles to Charterhouse Capital Partners (CCP). It had originally acquired 80 per cent of the company from WPP in December 2019 at a reported enterprise value of US$40 million.
Deltatre
Deal value: Deltatre valued at US$750 million
Sector: Broadcast technology
Market: Europe
Date: June 2022
Bruin sold Deltatre to Bain Capital and Nextalia SGR six years after acquiring the streaming and technology provider for around US$160 million in June 2016.
On Location
Deal value: US$660 million
Sector: Premium hospitality
Market: Global
Date: January 2020
Along with RedBird Capital Partners and the Carlyle Group, Bruin sold its stake in hospitality business On Location to sports and entertainment giant Endeavor Group Holdings in a US$660 million deal. It represented an impressive return for the outgoing investors, who had acquired the business for around US$70 million less than five years prior. Since the sale, On Location has secured hospitality contracts for the Olympic Games and Fifa World Cup.
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