New Mountain buys into Legends Hospitality

FeaturesAssociated Press

New Mountain Capital has agreed to purchase an equity stake in Legends Hospitality, the company co-owned by the New York Yankees and Dallas Cowboys.

Seth Bernstein, the CEO of SMB Capital, will become chairman of Legends, which provides hospitality, merchandise, ticket sales, planning and sponsorships services. Shervin Mirhashemi will remain as Legends' CEO, a job he has held since July 2013.

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Legends was launched in 2008 by the Yankees, Cowboys, Goldman Sachs and CIC Partners. Checketts Partners Investment Fund bought CIC's shares in January 2012 and Legends bought back Goldman's shares about 10 months later. Live Nation became a minority shareholder in January 2015, and Legends bought out CPIF that October.

Legends provides services to Yankee Stadium, AT&T Stadium, One World Observatory and several teams and colleges. The company is selling suites and sponsorships for the stadium under construction in Inglewood, California, for the Los Angeles Rams and Chargers.