Hertha Berlin Acquisition, Valuation, Funding & Investors
Hertha Berlin was acquired by Tennor Holdings and 777 Partners in March 2023.
Hertha Berlin acquisition price
Undisclosed
Acquired by Tennor Holdings, 777 Partners · Mar 2023
Cumulative funding Hertha Berlin raised
$251M
across 2 funding rounds
Key investors in Hertha Berlin
Tennor Holdings
Hertha Berlin Overview
About Hertha Berlin
Hertha Berlin is a German professional football club based in Berlin, competing in Bundesliga football. Its commercial operations are run through the club's KGaA vehicle, Hertha BSC GmbH & Co. KGaA, in which outside investors can hold minority equity stakes while, under German football's 50+1 rule, the registered club retains control of voting rights.
Founded
1892
HQ
GermanyWebsite
Status
Acquired
Customer focus
B2C
Revenue model
Product sales
Sectors
Hertha Berlin Acquisition
Hertha Berlin was acquired by Tennor Holdings and 777 Partners for an undisclosed price on 11 March 2023.
Before the acquisition Hertha Berlin had raised $251M across 2 funding rounds.
777 Partners acquired the 64.7% controlling stake in Hertha Berlin's commercial vehicle previously held by Peil Investment B.V., a subsidiary of Tennor Holding. The transaction ended Lars Windhorst's involvement with the club, which began in 2019 and totalled roughly EUR 374 million of investment across several tranches. Under German football's 50+1 rule the registered club keeps control of voting rights despite the size of the equity holding. Financial terms of the sale were not disclosed.
| Acquirer | Date | Type |
|---|---|---|
| 11 Mar 2023 | PE buyout |
Sources: herthabsc.com, nortonrosefulbright.com, washingtonpost.com
Hertha Berlin Funding History
Hertha Berlin has raised a total of $251M across 2 funding rounds.
Hertha Berlin's first fundraising round was a $142M undisclosed-stage round in June 2019. The most recent completed round was a $109M undisclosed-stage round in November 2019.
Hertha Berlin funding rounds
| Date | Stage | Investors | Raised | Deal Summary |
|---|---|---|---|---|
| Nov 2019 | Undisclosed stage | Tennor Holdings | $109M | Tennor Holdings put a further EUR 99 million into Hertha BSC, taking an additional 12.4% of Hertha BSC GmbH & Co. KGaA and lifting its holding to 49.9%. The tranche followed the EUR 125 million paid for 37.5% in June 2019. |
| Jun 2019 | Undisclosed stage | Tennor Holdings (lead) | $142M | Tennor Holding acquired a 37.5% minority stake in Hertha Berlin's commercial vehicle, Hertha BSC GmbH & Co. KGaA, for EUR 125 million, with an option to raise the holding to 49.9%. The investment followed the club's buyback of a 36.3% position from KKR for EUR 71.2 million seven months earlier. Proceeds were earmarked for repaying club liabilities, strengthening the playing squad, and expanding Hertha's digital and international marketing. The stake began a series of capital injections by Tennor that ultimately exceeded EUR 370 million. |
Who has invested in Hertha Berlin?
1 investor has backed Hertha Berlin across its funding rounds, including Tennor Holdings.
Lead investors include Tennor Holdings.
Hertha Berlin Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
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Start Free TrialHertha Berlin Competitors
Hertha Berlin competitors include listed companies like Juventus FC and Ollamani, and private ones like Suning Sports, Alisports, OneFootball and WNBA Enterprises.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
 Nanjing | Private | - | - | $2.6B | - | |
| China | Private | - | - | $1B | - | |
| Berlin | Private | - | - | $1B | - | |
 United States | Private | - | - | $1B | - | |
 Italy | Publicly listed | $602M | $125M | $906M | 2.2x | |
 Mexico | Publicly listed | $378M | $39M | $684M | 1.9x |
Hertha Berlin Public Comps
Hertha Berlin is no longer listed, but its public comps include Juventus FC, Ollamani, Borussia Dortmund, Fenerbahce SK, Olympique Lyon, Parken Sport, Galatasaray SK, ZO Future Group, Atlanta Braves Holdings and Manchester United.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $602M | $125M | 2.1x | 2.2x | 10.1x | 10.3x | |||
| $378M | $39M | 2.1x | 1.9x | 20.5x | 11.3x | |||
| $606M | $133M | 0.7x | 0.8x | 3.1x | 3.6x | |||
| $176M | $17M | 2.3x | - | 22.9x | - | |||
| $187M | ($101M) | 6.1x | - | (11.3x) | - | |||
| $290M | $87M | 1.6x | - | 5.5x | - | |||
| $227M | $20M | 1.4x | - | 16.5x | - | |||
![](data:image/svg+xml,<svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 20 20"><rect fill="%23e5e7eb" width="20" height="20" rx="4"/></svg>){kind=small} ZO Future Group | $57M | ($36M) | 4.3x | - | (6.9x) | - | ||
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Common questions about Hertha Berlin
| When was Hertha Berlin founded? | Hertha Berlin was founded in 1892. |
| Where is Hertha Berlin headquartered? | Hertha Berlin is headquartered in Germany. |
| Is Hertha Berlin publicly listed? | No, Hertha Berlin was acquired by Tennor Holdings and 777 Partners in March 2023. |
| Who acquired Hertha Berlin? | Hertha Berlin was acquired by Tennor Holdings and 777 Partners in March 2023. |
| How much funding has Hertha Berlin raised? | Hertha Berlin has raised $251M across 2 funding rounds. |
| What was Hertha Berlin's last funding round? | Hertha Berlin's last funding round was a $109M undisclosed-stage round in November 2019. |
| Who are Hertha Berlin's investors? | Hertha Berlin's investors include Tennor Holdings. |
| Which companies are comparable to Hertha Berlin? | Companies comparable to Hertha Berlin include Suning Sports, Alisports, OneFootball, WNBA Enterprises, Juventus FC and Ollamani. |
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