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Falconhead Recaps Media Biz

Golub Capital is the sole bookrunner in Falconhead’s Competitor Group recapitalization.

New York-based investment firm, Falconhead Capital, recapitalized its media and event entertainment company, Competitor Group Inc (CGI).

CGI, headquartered in San Diego, California, is an endurance media and event entertainment company which promotes cycling, running and triathlon events.

The company secured a $57.5 million senior credit facility with sole bookrunner, Golub Capital. The recapitalization involves an allotment to Competitor Group’s shareholders. CGI will use the extra cash to rebalance its capital structure and will have the flexibility to grow organically and to pursue acquisitions.

CGI was created in 2007 and has grown into a media business that publishes four magazines. The company was formed when the firm acquired Elite Racing, Triathlete Magazine and Competitor Publishing.

In February 2008, the firm added Inside Communications to its portfolio creating a media hub that is geared towards endurance enthusiasts. Its publications include VeloNews, Inside Triathlon, Triathlete and the Competitor. The monthly magazines circulations are well over 800,000, collectively.

CGI continued with its growth efforts when it acquired another publication to its portfolio. In April 2009, the company bought Windy City Publications which included six regional active lifestyle publications covering the metro regions of New York, Chicago, Boston, Denver, Minneapolis and Washington DC.

Falconhead invests in sport, leisure, lifestyle, media and consumer-focused companies. It launched in 1998 and has grown to manage $500 million worth of assets. In 2001 it closed its first fund, which totaled $214 million. In 2007 the firm closed its second fund with $290 million in capital.

 

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