Endeavor Acquires Majority Stake In Collector Car Auctioneer Barrett-Jackson For $261 Million
Endeavor’s IMG has acquired a majority stake in Barrett-Jackson, a collector car auction and live events group, for just over $261 million in a cash and stock deal.
Endeavor is taking 55% of the company for about $249 million in cash and
563,935 newly-issued Endeavor shares.
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IMG — which operates events including Frieze art fairs, the Madrid and Miami Open tennis tournaments, Formula Drift, and New York Fashion Week — will serve as Barrett-Jackson’s strategic partner. CEO Craig Jackson, who built Barrett-Jackson into a brand and lifestyle destinations for premium collector cars, and his Scottsdale, AZ-based team, including President Steve Davis, will look to leverage IMG and Endeavor’s global network and expertise in building world-class event experiences to grow the business.
Barrett-Jackson auctions in Scottsdale, Las Vegas, Palm Beach and Houston attract prominent auto collectors, fans and celebrities as well as millions of TV viewers, and sell more than 3,600 cars. Its flagship Scottsdale event was founded in 1971.
“We have long been admirers of Barrett-Jackson and have seen first-hand the scale, excitement and 50 years of tradition surrounding their events,” said Endeavor CEO Ari Emanuel.
“Pairing Barrett-Jackson with the unique power of the Endeavor network is an unparalleled opportunity for our company, immediately opening doors to amplify and accelerate the growth of Barrett-Jackson as a global lifestyle brand,” said Craig Jackson.
Endeavor said the investment comes at a time when enthusiasm around collector cars and live events, demand for auto-related content, and collector car prices are at a record high and as car collectors are increasingly trending younger.
Barrett-Jackson was founded in 1971 by Craig Jackson’s parents Russ and Nellie Jackson and Tom Barrett. He became CEO in 1995 and has pioneered of the no reserve auction format and broadcasting of its bidding and events to more than 200 territories via A+E Networks, to developing best-in-class proprietary technology and expanding beyond classic cars. The company entered the online car listings and auction business through its acquisition of the Collector Car Network (CCN), the parent company for ClassicCars.com and AutoHunter.com.
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