Axcess Granted

Dear Friends,

The third quarter was extraordinary for so many members of our family of brands, with milestone exits and raises, a first-of-its-kind mandate, and new partnerships we’re proud to share below.

First, on the Axcess Sports front, we’re proud to share that Axcess has been named an Official Agent of the NBA. For the first time in league history, the NBA is taking its brand beyond the arena and into hotels, residences and cruise, and Axcess is leading the global process on the league’s behalf. More on this exciting new chapter below.

A very special shout-out to my dear friends at Captivate: CEO Marc Kidd, Chairman Mark Shapiro, and John Hawkins & Mark Jennings of Generation Partners. In August, National CineMedia (NASDAQ: NCMI) agreed to acquire Captivate, North America’s leading operator of digital video screens in office and residential buildings, for an enterprise value of $275 million, creating a platform of more than 48,000 screens across theaters, office buildings and residential properties in 185 markets.

I joined Captivate’s board in 2013, investing alongside Generation just after it acquired the company from Gannett Co. The technology was outdated and the business desperately needed new leadership, and between 2013 and 2019 Marc rebuilt both. The company was thriving and growing year over year. Then COVID hit, and the business went on life support. Every private equity firm talks about adding value and being deeply involved. It’s so rare to actually see what Mark Shapiro and Generation Partners did by Marc Kidd’s side. Together they brought the business past pre-COVID levels and grew revenue roughly 40% and EBITDA more than 50% over the past two years alone. Marc is one of the most extraordinary CEOs I’ve ever worked with. So proud of Marc and his leadership team for this tremendous accomplishment.

And on the 25madison front, so proud of Merrill Anovick, Dhruv Vasishtha and our 25m Health team, who incubated Basalt Health by Founder and CEO Ben Hackett’s side. Basalt recently raised a $20M Series A led by NEA. Detailed press release below.

We welcomed new members across the family this quarter. Under Axcess Ventures, I’m delighted to join forces again with my old friend Tom Mukamal, now Chairman of Magellan. In Axcess Advisory, we’re welcoming Jonathan Saltman of Aviation Clean Air.

Special Congratulations to my dear friends:

• Rodney Cohen, who was just named Co-CEO and CIO of Ariel Alternatives. Rodney and I go back 25 years, to when he co-founded Pegasus Capital Advisors, before his remarkable run at Carlyle and Black Diamond Capital Management.
• Sandy Sholl and the Zelig team, featured in Forbes this quarter for the results Revolve and Lulus are seeing with Zelig’s AI styling technology. I’ve been on Zelig’s advisory board since inception, and it’s truly incredible to see what Sandy and her team have built.
• And lastly, Jeff Kaplan, founder of Andalusian Sports Advisors, where I’m proud to serve as a Senior Deal Partner. Bloomberg traced Jeff’s path from his father’s pickle factory to advising on roughly $50 billion in sports deals, most recently the $9.6 billion sale of the Seattle Seahawks.

You’ll find more on each below, along with a few wins we’re especially proud of and the headlines our family made this quarter.

As always, we welcome the opportunity to collaborate across any of the brands highlighted here, or anywhere within the broader Axcess family.

Warmly,

Kirk, Zach, and the Axcess Team

Aviation Clean Air (ACA)

Jonathan Saltman built International Aero into a leading aircraft cleaning and maintenance business serving OEMs, operators and corporate flight departments, and in 2020 he sold it to Carlyle Group.

Now, with Aviation Clean Air, he’s taking cabin care a step further. ACA’s patented needlepoint bipolar ionization technology continuously treats aircraft cabins in flight, in the air and on surfaces, neutralizing pathogens and spores, eliminating odors and reducing VOCs. It complements HEPA filtration, which treats only the air that passes through the filter. ACA is standard equipment on every Gulfstream and Pilatus aircraft and deployed across U.S. military transport aircraft. Axcess serves as senior strategic business development advisor to ACA across commercial airlines, private aviation operators and government partners.

Captivate to Be Acquired by National CineMedia for $275 Million

National CineMedia (NASDAQ: NCMI), the largest cinema advertising platform in the U.S., agreed to acquire Captivate from Generation Partners for an enterprise value of $275 million. The combined platform will reach more than 48,000 screens across 185 markets, including all of the top 100. (Read More)

Basalt Health Raises $20M Series A Led by NEA

Basalt Health, incubated in 2024 by 25m Health, 25madison’s Nashville-based healthtech venture studio, raised a $20 million Series A led by NEA, with participation from Frist Cressey Ventures and 25m Health. Founded by CEO Ben Hackett, Basalt is the AI layer for post-acute care admissions. It reads every hospital referral as it arrives and checks it against clinical and payer criteria, so patients move to the right facility faster. At Lifepoint Health, Basalt cut median processing time by 86%, and it will scale across 111 markets with Lifepoint and ScionHealth by the end of 2026. “Basalt is what we mean when we say AI should disappear into the workflow,” said Merrill Anovick, General Partner at 25madison and a Basalt board member. “We’re proud to have been part of the journey from the start.” (Read More)

Ariel Alternatives Names Rodney Cohen Co-CEO and CIO

Ariel Alternatives named Rodney Cohen Co-CEO and Chief Investment Officer, leading all investment decisions for its flagship Project Black fund. He will also serve on the investment committee of Project Level. Rodney brings more than 30 years of private equity experience. He previously served as Head of Private Equity Strategies at Black Diamond Capital Management and spent a decade at The Carlyle Group, where he co-led its middle-market investment activities. (Read More)

David Seelinger Named EY Entrepreneur Of The Year New Jersey Award Winner

EmpireCLS Chairman and CEO David Seelinger was named an Ernst & Young Entrepreneur Of The Year New Jersey award winner. The award recognizes more than four decades building EmpireCLS, founded in 1981, into a global leader in luxury chauffeured transportation. (Read More)

ESPN and TMRW Sports Extend Multi-Year Media Rights Partnership for TGL Presented by SoFi

ESPN will remain TGL’s U.S. media home under a multi-year extension. The 2027 season tips off December 27 at SoFi Center in Palm Beach Gardens with seven teams, including the new Motor City Golf Club. More than 30% of TGL viewers say they don’t regularly watch other professional golf. (Read More)