The Hoffmann Family of Companies entered into an agreement to purchase controlling interest of the Penguins from Fenway Sports Group in December. Commissioner Bettman said the transaction cost will be approximately $1.75 billion.
Fenway Sports Group purchased the Penguins in 2021 for approximately $900 million.
"Actually, the deal was made a year ago, so based on the valuations at that time, that was consistent with what Sportico and Forbes and CNBC were doing, although at the time and even now I think it was low," Commissioner Bettman said of the $1.75 billion valuation for the Penguins. "Having said that, it's nice that the Hoffmanns got a good deal and it's nice that Fenway in five years doubled its investment. I still think it's low, but that's OK."
Geoff Hoffmann, who is the CEO of HF Companies' Private Equity arm, will serve as the governor of the Penguins. Greg Hoffmann, the CEO of HF Companies' real estate arm, will be an alternate governor along with Penguins general manager and president Kyle Dubas and David Hoffmann, the founder and chairman of HF Companies.
"This is a defining moment for our family," Geoff Hoffmann said in a statement released by the Penguins. "The Penguins represent everything Hoffmann Family of Companies stands for -- community, excellence and long-term thinking. We look forward to building on the team's success by providing support and resources to both Kyle Dubas and the hockey operations team, as well as the established leadership group on the business side. We're proud to represent this storied franchise and are eager to become an active, invested part of the Pittsburgh community."
The Hoffmann family also owns the Florida Everblades of the ECHL, and four years ago Geoff Hoffmann and his wife, Megan, founded Type 1 Timer Hockey, the only hockey camp in the U.S. designed specifically for youth living with Type 1 diabetes.
HF Companies also has a deep-rooted connection to Western Pennsylvania, as the firm owns Viking Plastics, headquartered in Meadville, Pennsylvania, and DHR Global, an executive search firm based in Chicago with offices in Pittsburgh and Philadelphia.
