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US-based media and entertainment investor Alignment Growth Management has secured a strategic stake in PMY Group, a Melbourne-based company that specialises in technology partner for live sport, entertainment and the leisure sector, as it continues to grow its presence in North America.
Founded in 2009 by Paul Yeomans, PMY works with venues, major events and infrastructure builders around the world, providing enterprise-focused strategy, design and implementation solutions to optimise operations and drive revenue growth.
The company services more than 1,000 clients in 15 countries supporting events such as LIV Golf, the British Open golf championship and Hyde Park Winter Wonderland in London, and bodies such as the Tennis Australia for the Australian Open and Olympic organising committees.
Among its recent projects is the development of a comprehensive technology master plan for the unique Nassau County International Cricket Stadium, a 34,000-seat modular and temporary stadium in the US.
The latest investment by Alignment Growth Management comes on the heels of a US$30 million ($45 million) capital injection last year by Bluestone Equity Partners, a global sports, media and entertainment private equity firm which participated in PMY’s first institutional capital raise since inception.
Alignment Growth says its new investment will help support PMY's expansion into the North American market.
Founded in 2021 by media and entertainment industry veterans Alex Iosilevich, Kevin Tsujihara and Jeff Bewkes, Alignment Growth is an investment manager focused on growth-stage companies that are privately held in this niche sector.
The PMY investment is the eighth to date for Alignment Growth's inaugural fund and it has been big enough to secure Tsujihara a seat on the PMY board.
"Our investment in PMY is reflective of Alignment Growth's strong belief in the growth of experiential entertainment and the live events sector," says Tsujihara.
"As technology solutions for modern venues become more complex and operators focus on providing exceptional fan experiences, we see ongoing opportunities for outsourced service providers.
“As a leader in enhancing the way people operate and experience public venues, places, and major events, PMY is well-positioned to benefit from these tailwinds."
PMY says the partnership with Alignment Growth will help the group build on the strong organic growth and accretive acquisitions the company has already achieved.
The company last month announced a merger with award-winning creative studio KOJO, a move that the company says strengthened its intelligence, technology and experience offerings globally.
"As a trusted partner for venues, major events, and infrastructure builders around the world, PMY understands the importance of having a highly experienced and deeply knowledgeable business partner," says Yeomans, the CEO and founder of PMY.
"The decades of experience in the industry and extensive professional networks that Alignment Growth brings will catalyse a new phase of growth for PMY, and we are excited to embark on this next chapter with Kevin and the team."
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