Falconhead Capital, LLC, announced the recapitalization of its portfolio company, Competitor Group, Inc. Headquartered in San Diego, Competitor Group is an endurance media and event entertainment company dedicated to promoting the sports of running, cycling and triathlon.
Competitor Group's senior secured credit facility, arranged by Golub Capital, rebalances the company's capital structure, provides enhanced flexibility to facilitate organic and acquisitive growth initiatives, and establishes a supportive partnership with a new lender. Competitor Group remains conservatively financed under the new capital structure and as a result of attractive market conditions and the company's strong financial performance, it will have improved debt terms and requirements. The recapitalization involves a distribution to Competitor Group's shareholders.
Since the initial formation at the end of 2007, Competitor Group has greatly expanded the platform and its national presence, including increasing event participants by a 30% compound annual growth rate. In addition, Competitor Group's media business now publishes four magazine titles including VeloNews, Inside Triathlon, Triathlete magazine, and Competitor magazine with a combined monthly circulation of over 800,000.
David S. Moross, Chairman and Chief Executive Officer of Falconhead Capital, said: “The successful recapitalization of Competitor Group reflects the significant progress and growth that the company has made. Falconhead and Competitor Group's outstanding management team, led by Peter Englehart and Scott Dickey, believe that this financing is an attractive opportunity that will better position the company for continued success in the endurance sports industry.”
Headquartered in San Diego, Competitor Group is the leading endurance media and event entertainment company dedicated to promoting the sports of running, cycling and triathlon. Competitor Group owns and operates 36 national endurance events, including the Rock N' Roll Marathons and Half Marathons, that delivered more than 350,000 professional and amateur participants in 2010. Competitor Group publishes four magazine titles including VeloNews, Inside Triathlon, Triathlete magazine, and Competitor magazine with a combined monthly circulation of over 800,000. In addition, the company holds a captive online endurance community at competitor.com delivering over 1.5 million monthly unique visitors and 25 million page views.
