SAN DIEGO, CA (BRAIN)—Private equity firm Falconhead Capital has agreed to acquire Inside Communications, Inc. (ICI), adding to its media and event assets in the competitive cycling and triathlon segments of the endurance sport industry. Financial terms were not disclosed.
ICI’s publications, including VeloNews and Inside Triathlon, along with events and other operations will become part of Falconhead Capital portfolio company Competitor Group, Inc. (CGI). Falconhead formed CGI one month ago through three separate endurance-sport acquisitions that included Triathlete Magazine. When the ICI transaction is completed, Competitor Group’s publications will have total monthly circulation of more than 500,000, and their Web sites will have more than 1.1 million unique visitors per month.
“The addition of Inside Communications will give Competitor Group a major presence in the competitive cycling space. It will establish CGI as the unquestioned leader and go-to company spanning every sector of the endurance sport event and publishing industry for participants (both professional and amateur), fans and advertisers alike, with a unique and growing combination of endurance sport publishing, new-media and event properties,” said David S. Moross, chairman and chief executive officer of Falconhead Capital. “We are delighted to welcome ICI founder Felix Magowan and his colleagues to the Falconhead and Competitor Group family of companies.”
Felix Magowan, who co-founded Inside Communications with John Wilcockson in 1987, will stay on board as director of business development at CGI. He called it a “dream come true” to be acquired by a group that really understands the bike business.
“I’m delighted to partner with David Moross and his colleagues at Falconhead Capital, as well as with CGI chief executive officer Peter Englehart, whom I’ve known since 1995,” Magowan said. “This transaction will enable all of us in the ICI organization to accelerate our growth, better serve our readers, customers, advertisers and other constituents, and take our business to the next level. I look forward to working with David, Peter and their team to achieve that shared objective.”
ICI will remain in Boulder, Colorado, following completion of the transaction. ICI publishes VeloNews and Inside Triathlon magazines; produces event-specific glossy magazines such as the Tour de France Guide; offers interactive online services related to all titles; publishes books in its VeloPress division; operates the Velo merchandise catalog and e-commerce site; and organizes events such as the VeloSwap consumer expo.
Competitor Group’s assets include Elite Racing running events; Triathlete Magazine; and Competitor Publishing, which publishes regional endurance sport magazines and owns the Muddy Buddy bike/run relay events.