CHENNAI, SYDNEY and AUCKLAND, New Zealand, February 17, 2017 /PRNewswire/ --
Global Sports Commerce (GSC) and its affiliate Techfront International, a supplier of in-stadium LED screens, as well as integrated sponsorship and digital solutions for sports and media events, has received funding to support acquisitions of Screencorp in Australia and Oled & Carniegie in New Zealand. BlackRock's Private Credit team arranged sole financing for the combined transaction. Financial terms have not been disclosed.
The intended acquisitions will enable GSC to deepen penetration of the Australian and New Zealand digital sporting solutions markets, while entering the fast-growing digital billboard sector. Techfront Australia, a subsidiary of Techfront International, enjoys market leadership in Australia and New Zealand as partner to the AFL, All Blacks, NZ Cricket and in association with MKTG for Cricket Australia & BigBash League.
M S Muralidharan, CEO of GSC, said, "These acquisitions will facilitate deep engagement with sports for GSC and Techfront and amounts to a template for replicating a successful model throughout Europe and North America. BlackRock's support provides Techfront with greater impetus and contributes to the consolidation of sports commerce worldwide via use of technology such as Commerce Optimiser."
Neil Maxwell, CEO of Techfront Australia, said, "The addition of these companies provides TFA with an unparalleled scale in the Australian and New Zealand markets. We are now able to cater to an increased number of sports and in the process, provide broader offerings along with an enhanced level of service."
Neeraj Seth, Head of Asian Credit of BlackRock, commented, "GSC and Techfront's dominant position in key cricket markets, plus growing involvement in football, rugby, tennis and other sports, make it an attractive investment opportunity. Private credit has become an important source of flexible capital for mid-market companies at a time when banks are being constrained from providing financing to Asian companies."
He added, "BlackRock is well-positioned to provide companies such as GSC and Techfront with capital throughout multiple Asian jurisdictions. This enables such organizations to expand at the same time as allowing us to equip our investors with diverse sources of investment return."
About Global Sports Commerce (GSC): http://globalsportscommerce.com/
About Techfront: http://techfront.in/
About BlackRock: https://www.blackrock.com/
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SOURCE Global Sports Commerce (GSC)