TCG Mergers and Acquisitions Summary

Private Equity Firm Profile

In the last 3 years, TCG has invested in 4 companies.

TCG’s most common sectors for investment areconsumer products (29%) and internet software and services (29%) . The Firm’s most common investment types include growth capital (58%) and stake purchase (22%). In total, TCG has invested in 5 US states.

The Firm’s most common exit type is trade sale (100%). TCG’s largest (disclosed) exit occurred in 2021 when it sold Action Network for $240M.

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M&A Summary

  • M&A Total Activity16
    • M&A Buy Activity14
    • M&A Sell Activity2
  • Total Sectors Invested 6
  • Total Countries Invested 1
  • M&A Buy/Sell Connections 3
  • M&A Advisors 1

TCG

TCG Capital Management, LP

12180 Millennium Drive, Suite 500,
Playa Vista, California 90094
United States
www.tcg.co
info@tcg.co

TCG (The Chernin Group) is a private investment firm focused on majority and minority investments in growing consumer businesses. Specific areas of interest include digital media, commerce, marketplaces, sports, gaming, consumer finance, and health/wellness. The Firm is a long-term investor and looks to work alongside companies to help build lasting value. TCG was originally formed in 2010 and is headquartered in Playa Vista, California.


Investment Criteria

Sectors of Interest: Consumer Products, Consumer Services, Digital Media, Education, Financial Services, Healthcare Services, Internet Software and Services, Media

Target Transaction Types: Buyout (LBO, MBO, MBI), Growth Capital, Stake Purchase

Geographic Preferences: East US, Midwest US, South US, West US

Transaction Criteria Min Max
Target Revenue - -
Target EBITDA - -
Investment Size - -
Enterprise Value - -

M&A Summary

Buy vs Sell

Year ≤ '20 '21 '22 '23 '24 '25 T
Buy (1.2/yr) # 8 2 3 1 - - 14
Sell (0.2/yr) # 1 1 - - - - 2
vol $240M $240M
  16

Most Recent M&A

Company Date Value Type
Cars and Bids LLC 2023-01-31 - Growth Capital
San Diego, California · www.carsandbids.com
Funko, Inc. 2022-05-05 - Stake Purchase
Everett, Washington · www.funko.com
Stoggles, Inc. 2022-02-02 - Growth Capital
Paramount, California · www.stoggles.com
Epic Gardening 2022-01-25 - Growth Capital
San Diego, California · www.epicgardening.com
Action Network, Inc. 2021-05-03 240M USD Add-on Acquisition
Playa Vista, California · www.actionnetwork.com
Goldin Auctions 2021-02-16 - Growth Capital
Runnemede, New Jersey · www.goldinauctions.com
Baobab Studios, Inc. 2021-01-01 - Buyout (LBO, MBO, MBI)
Redwood City, California · www.baobabstudios.com
Surfline/Wavetrak, Inc. 2020-12-01 - Growth Capital
Huntington Beach, California · www.surfline.com
Sketchy Group LLC 2020-09-24 - Growth Capital
San Francisco, California · www.sketchy.com
Barstool Sports, Inc. 2020-02-20 - Add-on Acquisition
New York, New York · www.barstoolsports.com
View All >>

M&A by Sector

Sector Current # Value All-time # Value
Consumer Products 4 (33%) - 4 (29%) -
Internet Software and Services 3 (25%) - 4 (29%) -
Education 2 (17%) - 2 (14%) -
Media 2 (17%) - 2 (14%) -
Digital Media 1 (8%) - 1 (7%) -
Gaming - - 1 (7%) -
Total 12 - 14 -

Acquisitions By Geo

State/Country Current # Value All-time # Value
United States 12 (100%) - 14 (100%) -
  California 8 (67%) - 9 (64%) -
  New York 1 (8%) - 2 (14%) -
  Washington 1 (8%) - 1 (7%) -
  New Jersey 1 (8%) - 1 (7%) -
  Montana 1 (8%) - 1 (7%) -
Total 12 - 14 -

Acquisitions by Deal Type

Type Current # Value All-time # Value
Growth Capital 8 (67%) - 8 (57%) -
Stake Purchase 2 (17%) - 3 (21%) -
Buyout (LBO, MBO, MBI) 1 (8%) - 2 (14%) -
Venture 1 (8%) - 1 (7%) -
Total 12 - 14 -

Exits by Deal Type

Type Total # Value
Trade Sale 1 (50%) 240M (100%)
Trade Sale - Public Company 1 (50%) -
Total 2 $240M

Top M&A Advisors

Legal Deals
Gibson, Dunn & Crutcher LLP
 2

Deal Values

sell # Total
$100M to $1B 1 $240M
TOTAL $240M
Largest Action Network, Inc.
$240M (2021-05-03)

M&A Connections

Deals
Exited to
Strategic(s)
100%
2 (100%)

Investor Summary

Investor Type

Private Equity Firm

Size

Small

Established

2010

Specialist/Generalist

Specialist

Leadership

Jesse Jacobs

Co-Founder & Partner

Mike Kerns

Co-founder & Partner

Peter Chernin

Co-founder & Partner

Jennifer MacCarthy

Head of Community and Marketing

Luke Beatty

Partner

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