International sports investment firm Apex is investing in the Northern Super League, which includes the Ottawa Rapid FC.
In a news release Tuesday, the NSL said the transaction represents “the first completed private equity investment in a professional women’s soccer league globally, reflecting growing investor confidence in the NSL and in women’s soccer as a commercial asset class at a time when institutional investment in the sport is accelerating.”
Antonio Cacorino, founder and CEO of Apex, told The Globe and Mail the firm would invest an initial $20 million in the NSL, with the option to increase to $30 million. The deal gives the NSL a valuation of about $85 million.
Apex’s investment will support the next phase of growth for the league, including commercial expansion, audience development and international distribution opportunities.
“Women’s sports have evolved into a powerful, global product with undeniable momentum, and we at Apex believe the NSL sits at the intersection of that rise and Canada’s exceptional soccer legacy,” João Verol Marques, partner and head of growth and private equity at Apex, said in the release.
“With world-class talent developed domestically and proven on the international stage, the league has every right – and every ingredient – to become one of the top leagues globally.”
In its first season, the NSL attracted more than 275,000 fans across 80 matches, ranking among the highest for average women’s soccer attendance worldwide. The league generated more than $30 million before any media rights monetization, the NSL said in the release.
The league also secured 16 national partnerships in its inaugural season, including Toyota, Coca-Cola, BMO and Canadian Tire.
“In just one season, the Northern Super League demonstrated that there is significant demand for professional women’s soccer in Canada,” Christina Litz, president of the NSL, said in the release. “As we continue to build the league, Apex’s global experience, strategic perspective and commitment to growing sports properties will help us accelerate audience growth, strengthen our commercial business, and position the Northern Super League for long-term success on the international stage.”
Apex is backed by more than 100 athletes worldwide, including Formula 1 drivers Carlos Sainz and Lando Norris, Portuguese soccer player Diogo Dalot, Italian former soccer player Giorgio Chiellini, as well as global institutional and strategic investors including RedBull Ventures.
The investment in the NSL is the second deployment from the firm’s Sports Growth Fund, following its recent investment in the National Football League’s professional flag football league, alongside TMRW Sports.
The firm has also invested in the BWT Alpine Formula 1 Team, Italian soccer club Venezia FC, U.K.-based indoor soccer league Baller League and golf league TGL.
APEX’s Sports Growth Fund targets strategic positions in small- to mid-cap sports assets focusing on high-IP properties with untapped commercial potential.
Locally, the Ottawa Rapid FC has grown its corporate partner roster to include National Bank as a front-of-kit sponsor, as well as National Capital Region brands such as Le Nordik Spa Village and Alt Hotels.
When OBJ spoke with Rapid FC CEO Thomas Gilbert in June, he said that Ottawa could expect more business-related announcements from the team soon.
“I think it signals that the business case is strong. We know what women’s sport is doing globally and how Canada feels about women’s sports, so there is no reason not to think that the future is bright,” he said.
In March, the team announced that Arcadia MapleLeaf Soccer, led by Nick Sakellariadis, Ellen Shumway and Michael Savit, would join the team’s ownership group as majority owner. At the same time, all the existing local owners increased their investment in the club.
