Business

Private Equity RedBird Adds Los Angeles Partner Andy Gordon

RedBird Capital Partners, an investor in David Ellisons Skydance Media and the recent wave of Special Purpose Acquisition Companies, or SPAC, opens its first West Coast office in Los Angeles

The private equity firm is backed by former Goldman Sachs partner Gerry Cardinale and manages $ 4 billion invested in sports, telecommunications, media and technology companies such as the New York Yankees YES Network. The new West Coast outpost will be led by former Cardinals colleague and advisor Andy Gordon. The 35-year Goldman Sachs veteran will take up his new role in February.

The expansion highlights the recent resurgence of interest in investing in sports, tech and media assets, a flow of money that could find its way to a wide range of Los Angeles-based companies. Earlier this month, former NBA star Shaquille ONeal backed a $ 250 million SPAC to invest in tech and media deals, highlighting streaming companies as a possible target.

PSPCs, sometimes referred to as blank check companies and once clouded by controversy, have surged into an initial public offering market disrupted by COVID-19.

There are … different forms of entertainment that occur and the means by which people get them largely through the internet [intellectual property] and a lot of that development and venture capital is happening here, said Gordon, who is already based in Los Angeles.

RedBird, which has around 40 employees, spoke to former Walt Disney executive Kevin Mayer about a role, according to a person familiar with the situation. The news was the first reported by the New York Times.

Gordon, 56, is retiring from Goldman Sachs and will be leaving the company he joined in 1986 at the end of the year. Most recently, he was Head of Western Region Investment Banking and Global Head of Media and Telecom Investment Banking.

He worked with RedBird to complete a Initial public offering of $ 575 million of Cayman Islands-based RedBall Acquisition Corp., a SPAC targeting investments in sports, media and data analytics.

Gordon also worked on the deal with Skydance to lift $ 275 million by RedBird and South Korean entertainment company CJ ENM.

Gordons’ client list includes Walt Disney Co., Netflix, Univision, and CBS Corp. as well as franchises such as LA Rams. He has ties to the city as founding president of Sierra Canyon School, a kindergarten to grade 12 prep school in Los Angeles, and as co-chair emeritus and trustee of the Los Angeles County Museum of Art.

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