Charterhouse-backed Two Circles acquires KORE to accelerate growth plans

Charterhouse Capital Partners (“Charterhouse”) has announced that its portfolio company, Two Circles, a global leader in data-driven sports and entertainment, has acquired KORE, a market-leading intelligence platform.

Charterhouse Capital Partners (“Charterhouse”), one of the longest-established private equity firms operating in Europe, today announces that portfolio company Two Circles, the international data-driven sports and entertainment business, has agreed to acquire KORE, the market-leading intelligence platform.

The acquisition will expand Two Circles’ technology capabilities in North America, combining its tech-enabled services with KORE’s industry-leading products across measurement, data management and business intelligence. It will also further Two Circles’ ability to grow audiences and revenues for the sports and entertainment industry, with the combined organisation now serving 715 organisations globally, including new clients such as NASCAR and The Madison Square Garden Company.

This latest development demonstrates Two Circles’ commitment to the region, where it has doubled revenues and tripled its employee base in the last year, securing new clients such as Amazon, PGA of America and the Kentucky Derby. Two Circles also secured strategic investment from Otro Capital and Bolt Ventures, the family office of David Blitzer, in September to further fuel its growth and strategic opportunities in the US.

Globally, Two Circles’ expansion has led to the launch of an office in Cologne, Germany, along with several recent significant client wins, including a ten-year contract extension with the R&A, a partnership with World Rugby, and a long-term contract with UEFA.

Charterhouse’s investment in Two Circles in January 2024 has provided the springboard for continued geographic expansion and enhanced global capabilities including via M&A. The business acquired US-based content production agency, Let It Fly Media, in March.

Two Circles’ market research has forecast that the global sports industry will reach more than $260bn by 2033, with 46% of that annualized revenue growth generated in North America.

Gareth Balch, CEO and Co-Founder, Two Circles, commented:

“This is a significant moment. The team at KORE, whom we have long admired, have been pioneers in using technology and creating self-serve solutions to help organisations be more efficient in their approach to fan marketing. Combining our businesses will revolutionise the industry we love, creating more opportunities and more value for our clients through smarter measurement, richer business insights and more actionable fan data.”

Chris Warren, Partner at Charterhouse, added:

“Since partnering with Two Circles in January, we have been excited to support Gareth and his team’s progress in implementing their vision for building a better future for the sports industry. This latest acquisition will complement Two Circles’ highly successful, data-driven approach, and is another successful milestone for the business as it expands in key markets such as the US. We look forward to continuing to leverage our deep expertise in the business services sector and aligned strategic approach with the Two Circles team to drive the company’s international growth strategy.”

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Fund manager

Charterhouse Capital Partners LLP

London, United Kingdom

Charterhouse is one of the longest established private equity firms operating in Europe. The firm connects expertise and capital, partnering with ambitious founders and management teams to drive transformational change. Charterhouse has a selective, conviction-led approach to investing in high-quality mid-market European companies across the Services, Healthcare, Specialised Industrials and Consumer sectors. It targets transactions with an enterprise value of between €200m and €1.5bn. Charterhouse’s international team works in an integrated and flexible manner, allowing the firm to combine the skills, knowledge and experience of its entire team to help build successful businesses over the long term. The firm has completed more than 150 acquisitions over 35 years of activity in the European buyout market.

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