Fenway Sports Group (FSG) and Hoffmann Family of Companies right now introduced that they’ve entered right into a definitive settlement for the Hoffmanns to accumulate a controlling curiosity within the Pittsburgh Penguins. Headquartered in Chicago, Ill., the Hoffmann household have constructed a various portfolio of working companies and business actual property holdings and are additionally homeowners of the Florida Everblades of the ECHL. The shut of the transaction is topic to approval by the National Hockey League (NHL) Board of Governors and different customary approvals for a transaction of this sort.
“During a formal process to explore investor interest in the Pittsburgh Penguins, we were approached by the Hoffmann family with an offer that warranted serious consideration,” mentioned Sam Kennedy, CEO of Fenway Sports Group. “From our earliest conversations, their love of the sport and their commitment to doing things the right way made it clear they would be thoughtful stewards of the franchise, which is why we chose to seriously consider their interest. We plan to work closely with them to ensure a smooth transition and to carry forward the momentum that’s been built. It has been an honor to be part of the Penguins’ story, working alongside a world-class leadership team, passionate fans, and a dedicated community. We are proud of the strong foundation we’ve built, and with Kyle Dubas continuing to lead hockey operations, the Penguins are well positioned to carry out the plan in place to reclaim their place as perennial Stanley Cup contenders.”
Hoffmann Family of Companies is a quickly increasing, family-owned personal fairness enterprise of over 125 international manufacturers led by brothers Geoff and Greg Hoffmann. Geoff oversees the household’s personal fairness investments and Greg managing its actual property holdings. In addition to their enterprise ventures, the Hoffmann’s acquired the Florida Everblades of the ECHL in 2019 and are deeply dedicated to group affect, contributing tens of millions yearly to nonprofits throughout the nation. Their philanthropic efforts embrace the creation of Type 1 Timer Hockey in 2022 by Geoff Hoffmann and his spouse, the one nonprofit hockey camp in North America devoted to supporting younger athletes with sort 1 diabetes.
“Hockey has always been a meaningful part of our family’s story, which makes this an incredibly special opportunity,” mentioned Geoff Hoffmann, CEO of Hoffmann Family of Companies. “We’ve lengthy admired the Pittsburgh Penguins – not only for their championship legacy and historical past, however for the tradition, ardour, and loyalty that outline the group. From our earliest conversations, we noticed how deeply the Penguins are woven into the material of Pittsburgh. We are honored to affix that custom and excited to turn out to be an energetic a part of the group.
“The franchise has thrived under the world-class leadership of Fenway Sports Group, and we are excited to build on that momentum. Our goal is to support Kyle Dubas with everything he needs to bring the Penguins back to the pinnacle of the NHL. We look forward to working alongside the exceptional leadership team already in place, strengthening our connection with Penguins fans, and ensuring the franchise remains a source of pride for the city for generations to come.”
FSG, which acquired a controlling curiosity within the Penguins in 2021, will stay a minority shareholder for a time frame and proceed supporting key enterprise areas, together with sponsorship gross sales and regional sports activities community administration, as a part of a phased transition. The Penguins’ management construction will stay unchanged, with the complete govt workforce persevering with of their present roles to make sure stability and consistency. At the helm of hockey operations, Kyle Dubas will proceed to set the imaginative and prescient and oversee all facets of the workforce’s on-ice technique in his function as President of Hockey Operations and General Manager. Teddy Werner will proceed to function Interim President of Business Operations by means of the shut of the transaction. Upon completion of the deal, Geoff Hoffmann will function workforce Governor, alongside Alternate Governors Greg and David Hoffmann, and can play an energetic function in guiding the membership’s enterprise operations.
Allen & Co. and CAA Evolution served as monetary advisors to FSG on the transaction. Allen Overy Shearman Sterling LLP served as authorized advisor to FSG.
About Hoffmann Family of Companies
Hoffmann Family of Companies is a multi-vertical, family-owned personal fairness agency consisting of over 125 international manufacturers and employs 17,000 workers with companies situated in 30 international locations and 400 areas around the globe. Hoffmann Family of Companies’ verticals embrace Agriculture, Aviation & Transportation, Financial & Professional Services, Hospitality & Entertainment, Manufacturing, Marine, Media & Marketing and Real Estate. For extra data, go to HFCompanies.com.
About Fenway Sports Group
Fenway Sports Group (FSG) is a world sports activities, media, leisure, and actual property firm devoted to constructing profitable cultures by elevating iconic establishments, inspiring followers, and uniting communities throughout the globe. Anchored by the Boston Red Sox and Liverpool Football Club, FSG’s portfolio consists of two of the world’s most celebrated venues, Fenway Park and Anfield Stadium. The group additionally continues to personal the Pittsburgh Penguins pending the anticipated sale in 2026, topic to NHL approval. Additional holdings embrace the tech-driven Boston Common Golf workforce, regional sports activities community NESN, and a stake in NASCAR’s RFK Racing. Fenway Sports Management (FSM) serves as FSG’s progress and business engine, and Fenway Sports Group Real Estate (FSGRE) oversees the corporate’s actual property portfolio, acquisitions, and growth initiatives. Guided by a imaginative and prescient to be the world’s preeminent sports activities and leisure platform constructed to win, matter, and endure, FSG drives transformative progress by means of strategic investments, pioneering ventures, and a steadfast dedication to the communities it serves. For extra data, go to fenwaysportsgroup.com.