Bruin Capital Bets on Hospitality, Acquires Proof of the Pudding
Bruin Capital sees growth potential in premium hospitality. That’s why the New York-based investment and operations firm has taken a majority position in Proof of the Pudding, a catering and food service company based in Atlanta. Terms of the deal were not released.
Proof employs more than 1,700 people and works in over 100 locations and venues around the world, overseeing more than 20,000 events a year. The company’s clients include events such as the Players Championship, Presidents Cup and the Tour Championship, venues such as Road Atlanta, and eight college football stadiums and athletic departments, including the University of Georgia, Duke and Auburn.
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“This is an incredibly meaningful opportunity for Proof, and I am thrilled to partner with Bruin Capital,” said Adam Noyes, Proof CEO, who will remain in his role along with his leadership group. “The team understands our business model, and with Bruin’s global reach, relationships, and track record, we’re set up to capitalize on a massive opportunity.”
The deal comes amid a growing sense that consumers are prioritizing memorable experiences over goods. In a 2022 survey conducted by Momentum Worldwide, an experiential ad agency, 76% of respondents expressed exactly that sentiment and the words most commonly used to describe their desires were “inspiration” and “meaning.”
“When you think about it, running premium catering and experiences for venues and organizations essentially means you’re in charge of the brand and customer experience,” said George Pyne, the former NASCAR and IMG executive who founded Bruin in 2015 and serves as CEO. “Proof has the trust of iconic venues and institutions to serve as their brand steward and deliver the highest standards of excellence. We think Proof will lead the movement to give consumers valuable, memory-filled experiences.”
The investment also expands a portfolio that targets mid-sized sports-related businesses that capitalize on changing needs in tech, data analytics, betting and media. Bruin’s other sports holdings include Two Circles, a consumer data analytics agency; OddsChecker, a betting affiliate and gaming company; TGI Sport, a media technology and rights company; Full Swing, a golf training company; Soulsight, a CPG brand strategy and design company; and Engine Shop, a sports and entertainment experiential marketing company.
In 2022, Bruin sold Deltatre, a back-end streaming and web services outfit that it acquired for roughly $159 million, to Bain in a deal that valued the company at between $700 and $900 million.
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