LA-based agency ICM has elevated six of its agents to partner, including head of international touring Scott Mantell, whose roster includes Nicki Minaj and Lil Wayne
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The investment from Crestview, which values the agency at US$450m, brings ICM into line with its private equity-funded Hollywood rivals
By IQ on 17 Dec 2019
ICM Partners has sold a 33% stake in its business to New York-based investment firm Crestview Partners, becoming the latest major booking agency to take on private-equity investment.
The US$150 million investment from Crestview – whose other holdings include cable TV company Wow! and American Idol/So You Think You Can Dance producer Industrial Media – will “help accelerate domestic and international expansion strategy”, according to an ICM statement.
In partnering with Crestview, ICM joins CAA, WME and, most recently, UTA, in securing investment from private-equity and/or venture-capital funds. CAA is majority owned by TPG Capital, while WME is backed by Silver Lake Partners, Softbank and others. UTA recently sold minority stakes to Investcorp and PSP Investments.
“We are philosophically aligned and excited to take full advantage of the growth opportunities ahead”
“We have always dedicated ourselves first and foremost to our clients and are proud to be a singularly focused representation company,” says ICM managing director Chris Silbermann.
“As our team strategised about growing the agency to be the best it could for our clients, we believed Crestview, with its strong track record of backing media companies, was the ideal partner for us. We are philosophically aligned and excited to take full advantage of the growth opportunities ahead.”
ICM’s music roster includes the likes of Anderson Paak, Migos, Khalid (pictured), Ari Lennox, Boyz II Men, Teyana Taylor, J. Cole and Phantom Planet.
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