Richard Childress Racing has advised its employees, drivers and key sponsors that Chartwell Investments is considering exiting its minority ownership position with 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."
The Raine Group is a global merchant bank focused exclusively on the digital,
media & entertainment and sports & lifestyle sectors.