Happy Wednesday, PE Hubsters! Rafael Canton here with you for the US edition of the Wire.
We’ll begin the Wire with a look at baseball. Despite the potential for a lockout in 2027, there’s been several private equity and adjacent deals for Major League Baseball teams. Let’s look at some of the deals from 2026, and why there’s been investor interest despite the potential work stoppage.
Then, we’ll look at a deal from this morning. Niobrara Capital has acquired managed IT services provider MSP Corp.
Finally, PE has maintained interest in HR software deals. We’ll look at a few deals from Thoma Bravo, Main Capital and Gryphon Investors.
Premium assets
With a collective bargaining agreement set to expire in December, all eyes are on whether Major League Baseball will have a lockout, and if it will affect investor interest in the league.
A lockout could be damaging. Games next season would not be played and stadiums would be closed. Nevertheless, the MLB has been attractive to investors, both private equity and adjacent.
Earlier in September, Kroenke Sports & Entertainment announced it had agreed to acquire a controlling stake in the Los Angeles Angels from the Moreno family. The deal has yet to close and is subject to approval by the MLB.
In August, an ownership group led by Kwanza Jones and José E Feliciano acquired the San Diego Padres from the Seidler family. The deal valued the Padres at $3.9 billion. Feliciano is managing partner and co-founder of Clearlake Capital Group.
In another August deal, Apollo Sports Capital agreed to provide $2.6 billion to Yankee Global Enterprises, the holding company of the New York Yankees. Meanwhile, Harbinger Sports Partners acquired a minority ownership stake in the Athletics in July.
“At the end of the day, it’s medium- to long-term investing,” Sean Clemens, managing director at Park Lane, told PE Hub about why investors have been active.
Clemens likens the situation to 2020, when the covid-19 pandemic cut the MLB season down from 162 to 60 games, all in empty stadiums.
“Everybody realized then that this is a short-term setback and these organizations are going to get through it and continue to be premium assets,” he said. “It’s a similar philosophy when it comes to something like a potential lockout.”
PE Hub will be tracking deals in the MLB and if a lockout will have any effect. Drop me a note at rafael.c@pei.group to share your views on the developments.
Fragmented market
Niobrara Capital has acquired managed IT services provider MSP Corp. Based in Montreal, MSP delivers an end-to-end IT offering spanning managed monitoring and support, managed cybersecurity, multi-cloud management, and backup and disaster recovery on recurring contracts.
Founded in 1993, MSP is a founder-led Canadian technology partner combining enterprise-grade capabilities with local responsiveness and national scale. Niobrara plans to deepen MSP’s footprint in Canada while pursuing growth channels that extend the platform into the US.
“MSP has built a scaled national platform with impressive customer retention and a proven acquisition track record – giving it an established foundation to accelerate growth,” Otavio Birman, managing director at Niobrara Capital, said in a statement.
Birman added that the Canadian managed IT services market remains fragmented and that MSP has demonstrated its ability to integrate acquisitions and build a cohesive national business, calling Canada “a compelling entry point into the North American managed services market.”
Niobrara is a New York-based private equity firm focused on mid-market B2B technology and technology-enabled services companies,
Future of work
A push to digitize the HR industry has led to a plethora of deals across HR and workforce management software deals throughout 2026. Let’s take a look at a few of the notable transactions.
Earlier in September, Thoma Bravo made a growth investment in Tanda, a workforce management, payroll and HR business for shift-based workers. Based in Brisbane, Australia, Tanda serves approximately 8,000 businesses globally across hospitality, retail, quick-service restaurants, healthcare and other frontline industries.
“Managing and compensating employees accurately is a fundamental obligation of all employers, yet it remains a universal challenge, particularly for businesses with shift-based employees,” Carl Press, partner at Thoma Bravo, said in a statement. Press added that the CEO and his co-founders “identified this problem and built Tanda from the ground up with customers and their employees at the center of every product decision.”
In another September deal, Main Capital Partners acquired a majority stake in Orgvue, a strategic workforce management software provider. The transaction is Main’s first platform investment in the UK.
In March, Gryphon Investors made a majority investment in HRSoft, a Denver-based provider of enterprise compensation management software. HRSoft’s existing backer Bow River Capital retained a minority stake.
That’s it for me. If you have any questions, thoughts, or want to chat about deals in the tech, consumer or sports sectors, please email me at rafael.c@pei.group.
Tomorrow, Craig McGlashan will be with you for the Europe edition of the Wire, while Nina Lindholm will be writing the US edition.
Cheers,
Rafael