District-based sports business LetsMoveDown was recently acquired by OneUp Sports, a South Florida company that makes mobile platform applications that are used by professional sports teams, including the Washington Redskins.
The deal was 50 percent cash, 50 percent stock, and its value was in low seven figures, according to a LetsMoveDown spokesman.
The LetsMoveDown app allows fans to make in-stadium purchases, whether it’s concessions or a seat upgrade.
“Whatever the team wants to offer the fans or season ticketholders, we can provide it,” said LetsMoveDown co-founder Derek Shewmon.
LetsMoveDown, which will remain in its Dupont Circle offices, brought several clients to the acquisition, including the University of Maryland, Georgetown University, Villanova, Xavier, Seton Hall, Marquette, the University of Memphis, the NBA Memphis Grizzlies and the NHL New Jersey Devils.
“We had nine teams in LetsMoveDown, and we are working on bringing them into the OneUp network right now,” Shewmon said. “We are going after every single franchise in the pros, college and internationally.”
LetsMoveDown was founded two years ago by Shewmon, Federico Campbell and Jeff Brisbin. Chief Technology Officer Mike Morris joined later.
Prior to LetsMoveDown, Shewmon was a partner at Campbell Solutions, a digital forensics firm in the District. He has an MBA from the University of Maryland, and worked at CapitalSource, a mid-market commercial lender founded by John K. Delaney, who is now a member of the U.S. House of Representatives from Maryland.
Campbell, 35, founded Campbell Solutions. He also received an MBA from Maryland. Brisbin, Pete Gronvall and Exhilarator LLC were also investors in LetsMoveDown, but will not retain day-to-day roles with OneUp.
Morris, 32, has eight years of experience providing a variety of software development, architecture and engineering expertise on large-scale projects. He holds a bachelor’s in computer science from Ohio University.
It was a mere eight months ago that the Carlyle Group, the staid private equity firm on Pennsylvania Avenue, found a new groove, buying a $500 million minority stake in Beats Electronics, a headphone and music streaming specialist founded by rapper Dr. Dre and music producer Jimmy Iovine.
Last week, Apple notified the world that it bought the hugely popular Beats for $3 billion.
So how much did Carlyle make on its $500 million? It nearly doubled it’s money, according to private equity sources.
Not bad for eight months’ work.
Beats was valued at more than $1 billion, which includes both its hardware (headphones, etc.) and the music streaming business.
Carlyle’s investment, which comes under its $13.7 billion Carlyle Partners V Fund, was engineered by Rodney Cohen and Sandra Horbach.
After three generations, and 82 years, the Murphy family has ceded leadership of the Washington Area New Automobile Dealers Association to a non-family member.
John P. O’Donnell, 46, who has a background in insurance, will take over as the new president of the industry trade group representing 250 members. The group makes money from two sources, the insurance it provides to member dealerships and, foremost, the Washington Auto Show. The week-long show draws an estimated 800,000 attendees.
The president’s job is a good gig, with world travel and a six-figure salary. O’Donnell is succeeding Gerard Murphy, 63, as president. Murphy, whose father and grandfather held the same job, will be staying on as counsel.
How will you make your imprint after 82 years of one-family rule?
My goal is to do it bigger and better. I want to elevate the Washington Auto Show to a premier, global event.
How will you make the Washington auto show a first-tier show on the order of Detroit, Los Angeles, Chicago and New York?
We are going to leverage what we have and no one else has, and that’s Congress. [The D.C. show] will demonstrate the partnership between auto manufacturers and government agencies.
How is business in Washington?
During the last quarter [January through March], it was down 7.6 percent. It’s a retail business. There is a cycle. When you couple bad weather with a down cycle, you wind up with 7.6 percent down.