Grand Rapids, Michigan-based fintech Acrisure has purchased the naming rights of the Pittsburgh Steelers’ home field, which will be known as Acrisure Stadium.
No financial terms for the 15-year deal were announced. Acrisure will take over the name rights immediately.
“The Pittsburgh Steelers are an institution in American sports and a globally recognized brand. Partnering with the Steelers is the opportunity of a lifetime and a tremendous honor,” said a statement from Greg Williams, co-founder and CEO of Acrisure, which operates a top 10 insurance broker. “Through Acrisure Stadium, we will increase awareness of the extraordinary advantage Acrisure brings our clients while conveying our strong sense of community. Relatedly, we are eager to invest in the Pittsburgh community and broader region as we chart our course to an unforgettable first season. This relationship truly embodies and aligns two organizations that have high standards and are determined to achieve great things.”
The stadium had been called Heinz Field since it opened in 2001. Kraft Heinz paid $57 million in a 20-year deal, which was extended through 2021. The company said in a statement that it worked on a new deal but the Steelers “found a new partner willing to pay significantly more than we could justify.” Kraft Heinz will remain a sponsor of the Steelers, it said.
Acrisure has grown from $38 million in revenue to more than $3.8 billion while rapidly expanding its global footprint in just over eight years.
The Steelers’ stadium is about 420 miles from Acrisure’s home base and farther than NFL cities Chicago, Indianapolis, Cincinnati, Detroit, and Cleveland. However, according to a statement, Williams is a lifelong Steelers fan. Additionally, Steelers minority owner Thomas Tull, CEO of Tulco, was acquired by Acrisure two years ago.
“We are excited to partner with Acrisure for the naming rights to our stadium,” said Steelers President Art Rooney II, in a statement. “Acrisure provided us with an opportunity to ensure our stadium continues to be a valuable asset for our fans as well as keeping up with the market value of NFL stadiums. We are very appreciative to partner with Greg Williams and his company, and we look forward to a long, beneficial relationship for years to come.”
Topics Mergers & Acquisitions
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