CIC Partners, a Dallas, Texas-based private equity firm, and Goldman Sachs have formed an exclusive partnership to operate food and merchandise concessions at the new stadiums of US professional sports teams the Dallas Cowboys and the New York Yankees.
The two firms are forming a company called Legends Hospitality Management that will be headed by CIC Partners managing partner Michael Rawlings, former president of Pizza Hut. No financials about the deal were disclosed.
Legends, which will be based in Newark, New Jersey, will be the only entity to provide food and vendor
Private equity touchdown
concessions at the new stadiums, Rawlings told PEO.
The vision for Legends extends beyond the Cowboys’ and the Yankees’ stadiums and the company eventuallywill provide services for professional and college sports teams and other event facilities, Rawlings said.
“We’re not forming the company just for the stadiums, we want to bring the business value off the playing field,” Rawlings said. He said the goal of Legends is to provide fans with a “total experience” when they come to watch a game.
The Cowboys are building a $1.1 billion stadium in Arlington, Texas, and the Yankees are constructing a $1.3 billion baseball park.
CIC Partners has invested in more than 40 companies with revenues of between $10 million and $1 billion in industries including energy exploration, food, healthcare services, restaurants and retail.