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SBD/September 18, 2012/Events and AttractionsPrint All
Endurance racing business Competitor Group Inc. is “on the market, with equity fund owner Falconhead Capital shopping the firm,” according to Daniel Kaplan of SPORTSBUSINESS JOURNAL. The move is “not entirely surprising: Falconhead, which acquired CGI’s predecessor company in 2008, is in the business of buying and ultimately selling companies.” Four years is “a fairly standard period of time for equity funds to hold an asset.” The move also “underscores that endurance races have become big business because they attract the kind of high-income participant base that sponsors covet.” Falconhead acquired Competitor, best known for its Rock ’n’ Roll Marathon Series and a group of endurance publications, and "quickly rebranded the new aggregate company CGI.” Since then, there has been “an aggressive strategy of rolling up road races, including internationally, allowing for a wide marketing platform.” When Falconhead bought the racing company “it had 16 races,” and today there are 75. It "could not be determined" which potential buyers Falconhead’s banker, Perella Weinberg Partners, is talking to, but a source said that CGI was “in advanced discussions with at least one firm” (SPORTSBUSINESS JOURNAL, 9/17 issue).