CHICAGO—NEP Broadcasting has expanded its fleet of mobile production facilities with its acquisition of Chicago-based Trio Video. NEP Broadcasting, LLC is owned by American Securities, an $8 billion private equity firm. Independent investment banking firm Livingstone served as the exclusive financial advisor to Trio. Terms of the deal were not disclosed.
Trio Video is a 30-year old mobile production company that serves the Midwest with four HD-capable trucks and two B-units. Comcast SportsNet Chicago and WGN-TV—who together are the local television rights-holders for the Chicago Bulls, Cubs, White Sox, and Blackhawks—among their most prominent customers. The company also serves national TV networks, such as ESPN and Fox Sports, and is the largest provider of mobile production facilities for telecasts and HDTV web streaming of music festivals such as Lollapalooza, Coachella and Bonnaroo.
An NEP spokesperson said the company will continue to maintain the Chicago office for the “near-term.” Although NEP has a nationwide presence, the new office represents the company’s first in the windy city. Both co-founders, Gary Meagher and Jack Walsh, will stay on with NEP and continue to help run the Trio brand. The addition of the Trio units brings NEP’s total worldwide fleet to 50.
“We founded this company on a shoestring budget 30 years ago. The past few years we started getting approached by a number of suitors. We felt the time had come to investigate the best way to find a partner going forward. Livingstone did a great job taking us to market in a niche business,” said Manager and Co-Founder of Trio, Gary J. Meagher. “We are thrilled that industry leading NEP has chosen us to join their group of brands. It’s a great match of very complementary companies.”
“Trio has spent three decades building and establishing one of the most reputable mobile production facilities companies in the industry. We’re proud to have helped Trio find the right long-term solution and to post another successful sale to a strategic buyer for an important client,” added Livingstone Partner Steve Miles.