RCR May Lose Investment Partner
July 16, 2012 | 3:45 P.M. EST
Richard Childress has advised employees, drivers and key sponsors that Chartwell Investments is considering exiting its minority equity position with his NASCAR organization. (Photo: Getty Images)
WELCOME, N.C. - Richard Childress Racing has advised its employees, drivers and key sponsors that Chartwell Investments is considering exiting its minority equity position with the NASCAR organization.
"Since 2003, I have had a minority partner in Chartwell Investments," Childress said. "Like any private equity business, Chartwell has a duty to its investors to return capital and maximize profits in a reasonable time frame. With my support, they have determined that now is an appropriate time to exit. I will always be appreciative of our partnership. We will remain good friends.
"We've informed the key people and sponsors of RCR about Chartwell's decision and assured them this will have no impact on current affairs at RCR or our continued vision for strong performance on and off the track. We have advised them that if a new investor comes on board as RCR's new partner, they will be strategically chosen to help RCR continue to grow. Our family of corporate partners has been very appreciative of our letting them know and remain committed to moving forward. I love what I do, and plan to be involved in NASCAR and in running RCR for many years to come."
"RCR is one of the elite NASCAR organizations, and we are honored to (have been) part of the RCR family and partners with racing icon Richard Childress for close to ten years," said Michael Shein, managing partner of Chartwell Investments. "During this period, RCR has continued to prosper - more than doubling the size of its business. We are equally optimistic about RCR's future performance both on and off the track, remaining confident in NASCAR's long-term potential.
"We have engaged The Raine Group to explore the potential sale of our interest in RCR in order to monetize our investment."
The Raine Group is a global merchant bank focused exclusively on the digital, media, and entertainment-sports-lifestyle sectors.