Childress: Change won't hurt RCR
Chartwell Investments is considering exiting its minority equity position in NASCAR's Richard Childress Racing, the team said Monday.
RCR said in a release that it has informed its teams and sponsors of the potential change. Team owner Richard Childress said Chartwell has been a minority partner since 2003.
"Like any private equity business, Chartwell has a duty to its investors to return capital and maximize profits in a reasonable time frame," he said in a release. "With my support, they have determined that now is an appropriate time to exit their investment in RCR."
He added that key people have been informed and that "this will have no impact on the current affairs at RCR or our continued vision for strong performance on and off the track."
Any partner that might potentially join the organization "will be strategically chosen to help RCR continue to grow," Childress said. "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."
Chartwell managing partner Michael Shein said his company is honored to have been part of RCR for "close to 10 years.
"During this period, RCR has continued to prosper, more than doubling the size of its business," Shein said. "We are equally optimistic about RCR's future performance both on and off the track, remaining confident in NASCAR's long-term potential."
He added that the company has tabbed The Raine Group, a global merchant bank, "to explore the potential sale of our interest in RCR in order to monetize our investment."