Hoffmann Family of Cos. confirms it has bought the Pittsburgh Penguins

The Hoffmann Family of Cos. confirmed that it has reached an agreement to buy the National Hockey League’s Pittsburgh Penguins, just days after ESPN reported the deal.

In a statement Friday evening, the family says it has agreed to buy a controlling interest and that the current owner, Fenway Sports Group, would remain a minority shareholder for a short time.

The family, which has large presence in Southwest Florida’s business and philanthropic communities and is partly based in Naples, did not disclose a purchase price. ESPN reported earlier this week that it could be between $1.7 billion and $1.8 billion.

The sale needs the approval of the NHL’s Board of Governors and other approvals needed for a deal of this magnitude.

“Hockey has always been a meaningful part of our family’s story, which makes this an incredibly special opportunity,” Geoff Hoffmann, CEO of the Hoffmann Family of Cos., says in the statement.  

“We’ve long admired the Pittsburgh Penguins — not just for their championship legacy and history, but for the culture, passion, and loyalty that define the organization.”

He added that it was committed to giving team President and General Manager Kyle Dubas “everything he needs to bring the Penguins back to the pinnacle of the NHL.”

(The Hoffmann Family Cos. business model largely keeps management in place when it takes over and provides resources to make improvements.)

Sam Kennedy, president of the FSG, says in the statement, that as the group was exploring investor interest in the team, it was approached by the family “with an offer that warranted serious consideration.”

“From our earliest conversations, their love of the sport and their commitment to doing things the right way made it clear they would be thoughtful stewards of the franchise, which is why we chose to seriously consider their interest,” he says.

The Hoffmann Family of Cos., which is headquartered in Chicago and also operates out of Naples and St. Louis, owns more than 125 companies with 400 locations in 30 countries and employs 17,000 people. Its interests include agriculture; aviation and transportation; financial and professional services; hospitality and entertainment; manufacturing; marine; media and marketing; and real estate.

One of its holdings is the Florida Everblades, a minor league team based in Estero that it bought in 2019.

Geoff Hoffmann and his wife, as part of the company’s philanthropic work, also founded Type 1 Timer Hockey in 2022 by, the only nonprofit hockey camp in North America dedicated to supporting young athletes with type 1 diabetes.