by Larry EderFascinating how sales of companies go. Two months ago, RunnersWorld posted that the owners of L’equpipe and Le Tour de France were looking to purchase the Competitor Group. Perhaps they were, but, in the end, it was The Calera Group, formerly Fremont Partners, who acquired CGI from Falconhead Capital.
The following release an Q&A from Scott Dickey tells the curious sports media observer little but the obvious, which is what a good press release does. Time will show how CGI will react with a new owner.
The Competitor Group has grown to an enormous event and sports media beast, with 83 events and seven sports media properties. Websites, print media both feed an event list that continues to both grow and draw running and endurance event enthusiasts.
We are looking forward to seeing what 2013 brings for CGI and its new owner, Calara Group!
December 3rd, 2012
First Q&A with CGI president and CEO Scott Dickey regarding the sale can be read here.
Calera Capital partners with existing management to acquire industry-leading company
from Falconhead Capital New ownership further solidifies company’s commitment to deliver
world-class participatory events and active-lifestyle content.
San Diego, Calif. – December 3, 2012 – Competitor Group, Inc. (CGI), the leading active
lifestyle sports media and event entertainment company, today announced that Calera
Capital, a leading middle-market private equity firm, in partnership with CGI’s
management, has acquired CGI from Falconhead Capital. Scott Dickey, president and
chief executive officer, and Steve Gintowt, chief operating officer and chief financial
officer, will continue to lead the company.
Formed in 2007 by Falconhead, CGI is the active lifestyle industry’s leading media and
event company dedicated to the sports of running, cycling and triathlon. CGI operates
83 events around the world including the Rock ‘n’ Roll Marathon Series, publishes five
media titles such as Competitor, Velo, Women’s Running and Triathlete, possesses a
leading digital registration platform in RaceIt.com and a rapidly expanding digital
community across the Competitor Endurance Sports Network of websites.
“Five years ago we set out to build a leading company in an industry that was highly
fragmented, but well positioned for tremendous growth,” said Falconhead Chairman David
Moross. “Competitor Group has grown dramatically during this period and realized much
of the potential we originally envisioned. This success is due to the original strategy
we developed to create the company, and the hard work of our very talented management
team and our board of directors.”
Calera Capital Managing Partner James Farrell and Managing Director David Lorsch led
Calera’s investment in CGI and will join CGI’s board. Lorsch is an avid endurance sport
participant, having competed in numerous triathlons and marathons, including each of the
marathon majors in the U.S.
“As a runner and triathlete who has followed Competitor Group and studied the industry at
length, I believe strongly in the continued growth and value of active lifestyle sports
in both the U.S. and abroad,” said Lorsch. “Calera is excited to support Scott Dickey
and his team to continue providing athletes with great experiences at the best event
venues in the world, industry leading content, and a superior event registration
platform through Raceit.com.”
James Farrell of Calera added, “CGI is an outstanding business and a market leader.
The company has a substantial opportunity for continued robust organic growth and we
also look forward to investing behind management in developing new events and making
strategic acquisitions.”
“We are very excited about this next chapter as we partner with a great team at Calera
Capital and continue our development as the market-leading active lifestyle media and
entertainment company,” said Dickey. “I want to personally thank David Moross, Peter
Englehart and the team at Falconhead for their collective vision and guidance over
the past five years.”
Calera Capital will be investing in CGI through its fourth fund. Terms of the transaction
were not disclosed. Perella Weinberg Partners acted as exclusive financial advisor to
Falconhead Capital on this transaction.
About Competitor Group
Headquartered in San Diego, Calif., Competitor Group, Inc. (CGI) is the active
lifestyle industry’s leading media and event entertainment company. The aggregate
CGI customer base now exceeds 7 million endurance enthusiasts and athletes.
CGI’s portfolio of media assets span the full range of the expanding endurance
industry and include a robust digital community on the web and on mobile across
the Competitor Endurance Sports Network of websites. Additionally, Raceit.com,
a leading digital registration platform, is the catalyst for the company’s race
services offering that looks to meet the needs not only for the company’s owned
and operated events, but also for endurance events of all sizes on behalf of the
entire industry.
With a leading market share of endurance enthusiasts, CGI owns and operates 83 events
around the world, including the flagship Rock ‘n’ Roll Marathon Series, the TriRock
Triathlon Series, the NFL Run Series and the Muddy Buddy Series, collectively
delivering more than 600,000 professional and amateur participants in 2012.
Anchoring the company with rich content and marketing leverage are five publishing
properties dedicated to running, cycling, triathlon and the world of multisport
including Velo, Inside Triathlon, Triathlete, Women’s Running and Competitor with
a combined monthly circulation of over 700,000. Further information about CGI and
its digital, publishing and event entertainment properties can be found at
About Calera Capital
Founded in 1991, Calera Capital, formerly known as Fremont Partners, is a
private investment firm which has approx
imately $2.8 billion of capital
imately $2.8 billion of capital
under management. With offices in San Francisco and Boston, Calera invests
across a diverse range of industries including business services, consumer
and retail, financial services, healthcare, building products, and industrial
manufacturing. Calera Capital makes substantial equity investments in operating
companies, typically with enterprise values up to $1 billion, and seeks to build
long-term sustainable value by working with management teams to implement strategic
and operating initiatives. For more information, visit www.caleracapital.com.
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