The Elephant & The Leopard
Why a high-performing asset like Liga.Tennis is theoretically too small for Blackstone—and the specific strategic pivot required to make it work.
The Blackstone Threshold
Blackstone manages ~$1 Trillion. Their constraints are mathematical, not qualitative. They need to deploy massive capital per deal to make the diligence costs worthwhile.
Select Business Unit
The "Fast Leopard": Operational Alpha
Liga.Tennis isn't just a gym; it's a yield management engine. By optimizing court utilization through technology and management SOPs, they generate outsized returns on real estate assets.
The "Empty Court" Problem
Traditional clubs suffer from low utilization off-peak. Real estate sits idle 40% of the day.
The Liga Solution
Proprietary booking engine + Community Management = 90%+ Peak Utilization and high off-peak fill rates.
Inflation Hedge
Real estate ownership provides asset stability, while operational yield outpaces inflation.
Revenue Per Court (Conceptual)
The Proposal: A Management-Led Roll-Up
How to turn a "too small" deal into a Blackstone-sized opportunity.
Acquire Assets
Target distressed/under-monetized clubs
Install OS
Deploy Liga Management Layer
Scale Platform
Reach Institutional Scale
Plan B: The Middle Market
If the roll-up is too early for Blackstone, these firms specialize in the $2M - $15M EBITDA range for consumer & leisure concepts.
Brentwood
Consumer & Fitness
Famous for investing in Orangetheory Fitness. They understand multi-unit franchise/ops models.
L Catterton
Growth Fund
The world's largest consumer-focused PE. Their Growth Fund targets exactly this high-growth stage.
TSG Consumer
Lifestyle Brands
Deep expertise in branded lifestyle and wellness. Great if Liga positions itself as a premium brand.
North Castle
Healthy Living
Laser-focused on "Healthy, Active, Sustainable Living". Invested in Barry's Bootcamp & Equinox.