Key Takeaways
- • CVC Capital Partners has agreed to acquire a controlling stake in Equine Network, the largest for-profit equestrian sports league in the US, at a $300 million valuation, marking Global Sport Group's first new league investment since its 2025 establishment.
- • This acquisition expands GSG's portfolio to eight premium sports leagues globally, including La Liga, Ligue 1, Women's Tennis Association, Volleyball World, Six Nations Rugby, Premiership Rugby, and United Rugby Championship, while adding meaningful US market diversification.
- • Equine Network operates approximately 40 owned and operated competitions and over 800 sanctioned third-party events within the approximately $2.5 billion US equestrian-based sports market, generating revenues from events, league-level adjacencies, and member services.
- • Global Sport Group projects portfolio revenues will grow at approximately 10% per annum over the next five years, supported by long-term media rights, sponsorship, data and commercial agreements, alongside high margins and strong cash conversion characteristics.
- • Tom Winsor, founder and leader of Equine Network, will continue leading the business, which consolidates both Western and English discipline competitions across amateur and semi-professional segments.
Summary
CVC Capital Partners has entered into an agreement to acquire a controlling stake in Equine Network from Growth Catalyst Partners, establishing Global Sport Group's first new league investment since the platform's formation in 2025. The transaction values Equine Network at $300 million and represents a strategic expansion of GSG's diversified sports portfolio into the high-growth US equestrian market.
Global Sport Group, established as CVC's dedicated sports investment platform, now holds stakes across eight premium leagues and competitions spanning multiple continents and sports categories. The existing portfolio encompasses La Liga and Ligue 1 from European football, the Women's Tennis Association, Volleyball World, and three rugby competitions—Six Nations Rugby, Premiership Rugby, and United Rugby Championship. The addition of Equine Network introduces a participation-led sport with distinct revenue characteristics and addresses CVC's strategic objective to deepen its North American sports footprint while diversifying beyond traditional team-based competitions.
Equine Network operates within the approximately $2.5 billion US equestrian-based sports market, commanding a leading position as the largest for-profit equestrian league in the country. The platform consolidates both Western and English discipline competitions across amateur and semi-professional levels through approximately 40 owned and operated competitions and more than 800 sanctioned third-party events. Revenue generation derives from event operations, league-level ancillary services, and member services, providing multiple revenue streams aligned with GSG's investment thesis around long-term commercial stability.
CVC's investment thesis emphasizes GSG portfolio characteristics including long-term revenue visibility underpinned by multi-year media rights, sponsorship, data and commercial agreements. The platform targets approximately 10% annual revenue growth across its portfolio over the next five years, supported by high margins and strong cash conversion metrics. These characteristics align Equine Network with GSG's broader strategy of holding premium sports assets with sustainable competitive advantages and predictable cash flows.
Tom Winsor, who founded and continues to lead Equine Network, will remain in operational control of the business following the acquisition, ensuring continuity of management and strategy during the transition into CVC's platform.
Global Sport Group, established as CVC's dedicated sports investment platform, now holds stakes across eight premium leagues and competitions spanning multiple continents and sports categories. The existing portfolio encompasses La Liga and Ligue 1 from European football, the Women's Tennis Association, Volleyball World, and three rugby competitions—Six Nations Rugby, Premiership Rugby, and United Rugby Championship. The addition of Equine Network introduces a participation-led sport with distinct revenue characteristics and addresses CVC's strategic objective to deepen its North American sports footprint while diversifying beyond traditional team-based competitions.
Equine Network operates within the approximately $2.5 billion US equestrian-based sports market, commanding a leading position as the largest for-profit equestrian league in the country. The platform consolidates both Western and English discipline competitions across amateur and semi-professional levels through approximately 40 owned and operated competitions and more than 800 sanctioned third-party events. Revenue generation derives from event operations, league-level ancillary services, and member services, providing multiple revenue streams aligned with GSG's investment thesis around long-term commercial stability.
CVC's investment thesis emphasizes GSG portfolio characteristics including long-term revenue visibility underpinned by multi-year media rights, sponsorship, data and commercial agreements. The platform targets approximately 10% annual revenue growth across its portfolio over the next five years, supported by high margins and strong cash conversion metrics. These characteristics align Equine Network with GSG's broader strategy of holding premium sports assets with sustainable competitive advantages and predictable cash flows.
Tom Winsor, who founded and continues to lead Equine Network, will remain in operational control of the business following the acquisition, ensuring continuity of management and strategy during the transition into CVC's platform.
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