Read the official press release here.
Calera’s portfolio does not include any sports brands to date. Why was Calera interested in acquiring CGI?
Calera has studied the active lifestyle space for the past three years and has followed many of the social and cultural trends in our industry that all point to positive investment dynamics. We are fortunate to be in an industry that is experiencing unprecedented growth driven by an increasing desire among all ages, shapes and size to pursue a healthier and more active life. Continued investment in our industry, such as Calera’s investment in Competitor, simply further reinforces the momentum and opportunity in our industry.
There were quite a few changes in staff and culture following Falconhead Capital’s acquisition of CGI in 2007. How do you see this acquisition impacting the organization?
The entire team is staying on board and truly fired up for this next chapter of growth at CGI. The management team couldn’t be more pleased with the outcome and our new partnership with Jim Farrell, David Lorsch and the entire team at Calera.
Where to do you see CGI biggest growth opportunities moving forward: publishing, events, other technologies and services?
We have a unique model in having the benefit of traditional media assets, a rapidly expanding digital business, the fastest growing registration platform in Raceit, combined with all of our owned and operated events. The benefits that each division bring to the others is an underlying strategy of the company and its continued development as a media and event entertainment platform. Replicating this model in Europe is an enormous opportunity, while continuing to build our digital business both in terms of content and race services is another primary focus. Of course, we also see continued growth in our domestic events business and in the foundation of our publishing business, particularly with the recent acquisition of Women’s Running.
Can you share any numbers?
As a privately held company, we’re not at liberty to share the details of our financials or the transaction, but the shareholders led by Falconhead did very well with the investment over the last five years.
How would you break out CGI’s current business (percentage of revenues)?
We remain a very balanced business in terms of the contribution of each division of our company. The foundation of traditional publishing continues to perform extremely well alongside our flagship event business with the Rock n Roll Marathon Series. But now the diversity of digital business, Raceit, international growth and new contributors like the NFL Run Series and TriRock triathlon series are all having a great impact on the company’s continued performance and growth.
Who were some of the other buyers who were in consideration?
We had a number of interested parties involved in the process and were represented by a tremendous investment bank in Perella Weinberg. In the end, we consummated a partnership with Calera and the team couldn’t be more pleased with that outcome.
Anything you’d like to add?
We remain committed to the growth of this industry and our business specifically. We have had a great five year run with David Moross and Peter Englehart and the entire team at Falconhead. We can’t thank them enough as well as our board of directors who supported the management team and really guided our development into what we have today in an industry leading position. This is an important time for every one of our 250 employees as we enter 2013 with new partners and an opportunity to take Competitor to new heights.