Spire Capital Partners Buying Majority Interest In PBR

By Ross Nethery, Managing Editor, SportsBusiness Journal

Spire Capital Partners of N.Y. is buying a majority interest in Professional Bull Riders Inc., a move that PBR CEO Randy Bernard said would allow some original investors to cash out while providing financial fuel to help the organization continue to grow. The deal is expected to close in mid-April. Bernard said the PBR’s existing management team will stay in place, and “many of the active and retired riders will maintain a meaningful ownership interest.” Spire Capital Partners Managing Member Rick Patterson said in a statement that his company is pleased to be a part of PBR’s effort to “build awareness for the sport and provide ... compelling value for the corporate sponsors.” Spire is a private equity firm with more than $350M under management. Its current investments include SkyMall, Sonitrol and American Community Newspapers. Terms of the deal were not disclosed.