The Raine Group Mergers and Acquisitions Summary

Merchant Bank Profile

In the last 3 years, The Raine Group has acquired 1 company.

The Raine Group’s most common sectors for investment areinternet software and services (27%) and media (27%) . The Firm’s most common investment types include growth capital (54%) and stake purchase (14%). In total, The Raine Group has invested in 5 US states and 3 different countries.

In the last 3 years, The Raine Group has exited 1 company. The Firm’s most common exit type is trade sale (25%). The Raine Group’s largest (disclosed) exit occurred in 2016 when it sold Jagex for $300M.

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M&A Summary

  • M&A Total Activity22
    • M&A Buy Activity15
    • M&A Sell Activity7
  • Total Sectors Invested 9
  • Total Countries Invested 3
  • M&A Buy/Sell Connections 10
  • M&A Advisors 4

The Raine Group

65 East 55th Street, 24th Floor,
New York, New York 10019
United States
(212) 603-5500
www.raine.com

The Raine Group is a global merchant bank focused on advising and investing in businesses operating in the digital, media & entertainment and sports & lifestyle sectors. Raine's investment arm looks to invest $5 to $80 million per transaction. The Raine Group was formed in 2009 and is based in New York City.


Investment Criteria

Sectors of Interest: Business Services, Consumer Products, Consumer Services, Digital Media, Internet Software and Services, Media, Software

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

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

Transaction Criteria Min Max
Target Revenue - -
Target EBITDA - -
Investment Size 5 80
Enterprise Value - -
values in millions of USD

M&A Summary

Buy vs Sell

Year ≤ '20 '21 '22 '23 '24 '25 T
Buy (0.2/yr) # 14 - - 1 - - 15
Sell (0.4/yr) # 6 1 1 - - - 8
vol $300M $300M
  23

Most Recent M&A

Company Date Value Type
Code Advisors LLC 2023-04-05 - Buyout (LBO, MBO, MBI)
San Francisco, California · www.codeadvisors.com
Thrill One Sports & Entertainment 2022-07-19 - Secondary Buyout
Costa Mesa, California · www.thrillone.com
Olo, Inc. 2021-03-16 - IPO
New York, New York · www.olo.com
Parchment LLC 2020-02-11 - Unknown
Scottsdale, Arizona · www.parchment.com
Foursquare Labs, Inc. 2019-05-30 - Growth Capital
New York, New York · www.foursquare.com
Propagate Content 2018-01-16 - Growth Capital
Los Angeles, California · www.propagatecontent.com
Vice Media Group 2017-06-19 - Stake Purchase
Brooklyn, New York · www.vice.com
Jagex Ltd. 2016-03-15 300M USD Add-on Acquisition
Cambridge, United Kingdom · www.jagex.com
C3 Presents LLC 2014-12-19 - Stake Purchase
Austin, Texas · www.c3presents.com
Olo, Inc. 2014-10-27 - Growth Capital
New York, New York · www.olo.com
View All >>

M&A by Sector

Sector Current # Value All-time # Value
Internet Software and Services 1 (14%) - 4 (27%) -
Media 3 (43%) - 4 (27%) -
Apparel/Textiles 1 (14%) - 1 (7%) -
Communications - - 1 (7%) -
Consumer Services 1 (14%) - 1 (7%) -
Digital Media - - 1 (7%) -
Financial Services 1 (14%) - 1 (7%) -
Gaming - - 1 (7%) -
Staffing - - 1 (7%) -
Total 7 - 15 -

Acquisitions By Geo

State/Country Current # Value All-time # Value
United States 6 (86%) - 13 (87%) -
  California 3 (43%) - 4 (27%) -
  New York 1 (14%) - 4 (27%) -
  Florida 2 (29%) - 3 (20%) -
  Massachusetts - - 1 (7%) -
  Arizona - - 1 (7%) -
Australia 1 (14%) - 1 (7%) -
United Kingdom - - 1 (7%) -
Domestic 6 (86%) - 13 (87%) -
Cross-border 1 (14%) - 2 (13%) -
Total 7 - 15 -

Acquisitions by Deal Type

Type Current # Value All-time # Value
Growth Capital 4 (57%) - 8 (53%) -
Stake Purchase 2 (29%) - 2 (13%) -
Venture - - 2 (13%) -
Buyout (LBO, MBO, MBI) 1 (14%) - 1 (7%) -
Joint Venture - - 1 (7%) -
Secondary Buyout - - 1 (7%) -
Total 7 - 15 -

Exits by Deal Type

Type Total # Value
Trade Sale 2 (25%) 300M (100%)
Stake Sale 2 (25%) -
IPO 1 (13%) -
Secondary Sale 1 (13%) -
SPAC 1 (13%) -
Unknown 1 (13%) -
Total 8 $300M

Top M&A Advisors

Financial Deals
The Raine Group LLC
1
Legal Deals
Sullivan & Cromwell LLP
1
Sidley Austin LLP
1
Johnson Winter & Slattery
1

Deal Values

sell # Total
$100M to $1B 1 $300M
TOTAL $300M
Largest Jagex Ltd.
$300M (2016-03-15)

M&A Connections

Deals
Acquired from
Investor(s)
7%
1 (7%)
Exited to
Investor(s)
25%
2 (25%)
Strategic(s)
38%
3 (38%)

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