Youth Sports Exit Comps
& Buyer Pool
Investor Primer April 2026
Why This Matters
- Youth sports is the breakout M&A theme of 2025
- PE deal volume doubled year-over-year (24 vs. 12)
- $40B+ category, $15—19B in leagues + clubs alone
- Multiples are real; buyer pool is deep
- A soccer-vertical platform at $25—35M EBITDA lands in the institutional sweet spot
The Comp Set
| Platform | Backer | EBITDA | Value | Multiple |
|---|---|---|---|---|
| 3Step | Juggernaut / Goldman process | ~$40M | ~$480M est. | ~12x |
| Unrivaled | Harris/Blitzer + DICK’S | n/d | $650M+ | ~15—20x impl. |
| IMG Academy | BPEA EQT | n/d | $1.25B | n/d |
| True Sports Group | TZP Group | ~$3.5M | ~$40M | ~11.4x |
| Pioneer Sports | Hilltop OP | n/d | n/d | ~30x+ trailing |
| Rocket Youth | ZBS / Carter / Sillman | n/d | $100M+ raise | n/d |
| Varsity Brands (adj.) | KKR | n/d | $4.8B | n/d |
Where Multiples Jump
- Sub-$5M EBITDA → single-digit to low-teens
- $5—15M EBITDA → institutional range begins; 11—12x
- $15—30M EBITDA → premium roll-ups; 15—20x (Unrivaled)
- $30M+ EBITDA → mid-teens, scarcity premium
- Facility + brand composite → up to $1.25B (IMG ceiling)
Sports-tech M&A avg 2022—YTD 2025: 11.9x EV/EBITDA
The Buyer Pool: Four Tiers
- Sport-specialist PE — TZP, Shore, SC Holdings, Hilltop, ZBS, Dynasty, Chernin
- Mega-funds — KKR, BPEA EQT, Genstar, Ares
- Strategic corporates — DICK’S (in via Unrivaled), apparel brands, media
- Family offices / billionaire owners — Harris/Blitzer, LRMR, Dundon
Net: the deepest buyer pool youth sports has ever seen.
Strategic Buyer Watchlist
- DICK’S Sporting Goods — already in via Unrivaled; precedent set
- Unrivaled Sports — if they pivot to soccer, they are the buyer
- 3Step acquirer (post-Goldman) — unknown; could carve EDP/NAL
- MLS / LaLiga / European club groups — long-discussed, underactive
- Fanatics, Nike, Adidas, UA — indirect historically; direct thesis is new
Implications for a Soccer-Vertical Platform
- $25—35M EBITDA target band → $275M—$490M EV at 11—14x
- Soccer-vertical is a feature — scarcity value vs. multi-sport noise
- The 3Step print will reset comps — watch it closely
- Dual-track process preserves PE + strategic tension
- 2028+ public-market optionality remains — not base case
What Still Needs Validation
- 3Step process outcome (live)
- Rocket Youth / RISE / MADE Hoops undisclosed multiples
- Unrivaled’s soccer strategy
Recommended next step: informal banker conversations (Goldman, Harris Williams, William Blair, Baird) pre-mandate.
Questions?
See full primer: https://wiki.synrgysport.com/primers/exit-comps-buyer-pool
Trevor Houghton — CEO trevor@synrgysport.com