Bruin Capital is set to make a “significant” minority investment in Box to Box Films, the production company that was involved with the Formula 1: Drive to Survive docuseries on Netflix. The investment firm has focused on purchasing portions of entities involved in sports, media and technology, and it is now taking another step into that space. The popular docuseries has been attributed as a driver of new audience members to the racing property, which has had its age of an average fan drop to 37 in 2022. Formula 1 Group continues its expansion around the world, recently bringing in $107 million in operating income during the fiscal third quarter, according to an earnings report released by Liberty Media.
The program will continue to market the sport to consumers as the company looks to broaden its advertiser base. It is part of a larger collection of sports docuseries in the Netflix portfolio, which includes other projects including Break Point and Tour de France: Unchained. While there has been speculation regarding the property’s interest in live game broadcasts, the streaming provider has largely refrained from taking on these rights to this point.
Earlier in the week, Bruin Capital sold Two Circles, a sports marketing company based in London, England, and has invested in various businesses in Europe as well. The investment will not change the leadership structure of Box to Box Films either, continuing to be managed by producers James Gay-Rees and Paul Martin, along with managing director Samantha Lawrence. The company, founded in 2016 and involved in the Formula 1 series since 2019, will aim to expand its senior management teams both in Los Angeles and London in the future as well.
“Box to Box is ready to take the next step in realizing its huge potential to become the definitive sports entertainment company globally while continuing to produce best-in-class non-sport content,” Gay-Rees and Martin said in a statement. “The response to and impact of our productions has been overwhelming and the primary reason for our organic growth and momentum. To execute this next growth phase called for a partner who understood our business and brought complementary resources and track record that would excite the industry as well as creative partners.”
Advisors for Bruin Capital in the deal included Moelis & Co. for financial advice and Simpson, Thacher & Bartlett for legal oversight. Moreover, the firm worked with Houlihan Lokey pertaining to financials, CMS law firm and Grant Thornton for accounting and tax advisory.
“We can’t be more excited to support Box to Box in this booming renaissance for intellectual property,” George Pyne, founder and chief executive officer of Bruin Capital, said in a statement. “On top of being world-class storytellers, the team’s ability to turn insider’s access into definable business growth and meaningful value creation is why everyone in the industry is looking to work with them.
Now, it’s about having the capital and flexibility to create multiple lines of sustainable growth businesses, which is where we come in. Besides being fans of their work, we see limitless potential for the company to capitalize on a gamut of opportunities with athletes, teams, leagues, federations, and brands for collaboration and business development.”
