Owner Renegotiates Capital Structure of Endurance Sports Publisher
Competitor Groups gets new $57.5 million credit facility.
Private investment firm Falconhead Capital has recapitalized San Diego-based Competitor Group, Inc., publisher of VeloNews, Inside Triathlon, Triathlete magazine, and Competitor magazine, and producer of more than 30 related events. Middle market financing firm Golub Capital arranged the Competitor Group’s new $57.5 million senior secured credit facility.
Falconhead says the recapitalizing Competitor’s capital structure "provides enhanced flexibility to facilitate organic and acquisitive growth initiatives, and establishes a supportive partnership with a new lender."
It was not immediately clear for how much the original credit agreement was for or which investors were previously involved. Falconhead says the recapitalization involves a distribution to Competitor Group’s shareholders. "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 group says in a statement.