RCR Minority Partner May Sell Equity Position
WELCOME, N.C. – Richard Childress Racing has advised its employees, drivers and key sponsors that Chartwell Investments is considering exiting its minority equity position in RCR.
“Since 2003, I have had a minority partner at RCR in Chartwell Investments,” said Richard Childress, president and CEO of Richard Childress Racing. “Like any private equity business, Chartwell has a duty to its investors to return capital and maximize profits in a reasonable timeframe. With my support, they have determined that now is an appropriate time to exit their investment in RCR. Chartwell has been a great partner and I will always be appreciative of our partnership. We will remain good friends.
“We have informed the key people and sponsors of RCR about Chartwell’s decision and assured them this will have no impact on the 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 all 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 be a 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.”
Posted by NSSN Staff
on Jul 16 2012 Filed under Latest Headlines, NASCAR, Sprint Cup.
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