PlayGreen, the holding company of which Stadium Grow Lighting (SGL) from Waddinxveen, the Netherlands, is part, will be acquired by Bruin Capital by the end of the week.
In addition to SGL, engineering firm ALVA Technology is also part of PlayGreen.
Financial details have not been disclosed yet, though insiders claim that the company is valued at over USD 100 million.
According to PlayGreen President Mark Trübenbacher the company has a clientele of some 550 natural grass facilities.
Bruin’s investment will enable the company to increase its footprint in the United States. According to Trübenbacher, PlayGreen does around 12%-15% of its business in the US but is looking into new sports including golf and collegiate athletics.
“We weren’t really looking for a capital partner,” Trübenbacher said. “We were more looking for a smart investor, and I think that’s what we found in Bruin, because they are not just a private equity company. They’re bringing their network in sports and an understanding of sports and entertainment.”
PlayGreen was founded in 1997 and deployed its tech six years later with Arsenal FC as the first major customer. SGL made its U.S. debut around 15 years ago with the Green Bay Packers. Trübenbacher, previously the majority shareholder, will continue to run the business and retain a minority ownership stake alongside two of the company’s founders.
Bruin founder and CEO George Pyne largely views the investment as a data play. “Yes, they have lighting technology. But really, they’re a data company and a technology company,” Pyne said. “Really the point of difference is understanding the data, and predicting the outcome is enormously valuable to the groundskeepers and people that are responsible for the surface.”
That tech, which measures pH levels, humidity and wind speed, can enable SGL to sell its services to facilities that don’t require physical products like grow lights, which include golf courses.