Teall Capital Acquires Controlling Interest In Tailgate Guys
BEN SUTTON's Teall Capital has acquired controlling interest in Tailgate Guys, the hospitality and event company that provides a turnkey gameday experience and has deep roots in college football. RAY DEWEESE will be the new CEO of Tailgate Guys, replacing PARKER DUFFEY, a co-Founder of the business and formerly President & CEO. Duffey will move into a non-executive Chair role on the Tailgate Guys advisory board. Tailgate Guys will undergo a rebranding by late summer and will be combined with other companies -- both current Teall companies and future acquisitions -- to make a larger gameday and experiential business, Sutton said. DeWeese will be in charge of integrating assets already in the Teall portfolio, which include Tailgate Guys, PRE and Complex Sports and Entertainment, plus new acquisitions, into a much broader and deeper enterprise. A creative agency has been hired to create a brand that reflects the new profile of the business, Sutton said.
KEY PART OF TEALL'S PLAN: Sutton made the Alabama-based Tailgate Guys one of Teall Capital’s first investments in '16 when it acquired a minority stake in the gameday business. Since that time, Tailgate Guys has flourished, growing from six college clients to nearly 50, while increasing revenue by more than 300%. Founded in '09 by Duffey and MICHAEL OTWELL, Tailgate Guys also has worked with clients in the golf, pro football and pro soccer spaces. Teall Capital did not disclose the ownership split, but the investment firm is believed to own close to 80% of the company after this latest transaction. A smaller complementary business, PRE, which handles year-round hospitality needs, was part of the deal. DeWeese, the former IMG College Exec VP who previously oversaw the Ohio State property, joined Teall earlier this year as a partner. A former SBJ "Forty Under 40" honoree, DeWeese will lead the effort to grow and rebrand Tailgate Guys into a larger company with local, regional and national sales capabilities. Otwell will stay on as Chief Production Officer. Duffey said he will be involved “as much as they want me to be” going forward.