SAN DIEGO, CA (BRAIN) — Falconhead Capital, the owner of Competitor Group Inc., has sold the company to another venture capital group, Calera Capital Partners according to reports.
CGI publishes Velo and Triathlete magazines and their associated websites. The company also owns the Rock 'n' Roll marathon series and other events and media properties. Falconhead began to roll up the titles and events under the CGI umbrella late in the last decade, buying Inside Communications, VeloNews' parent, in 2008.
DowJones.com reported early Thursday that the two firms were in talks. Later Thursday SlowTwitch.com reported that the deal was completed. CGI had no comment and CEO Scott Dickey was not immediately available to comment Thursday. An employee at the San Diego-based company said that the news was correct, however. "Yeah, it's a done deal, I guess," the employee told BRAIN. The employee asked to remain anonymous as he was not authorized to announce the sale and he was told the official response to media inquiries was to be "no comment."
Another person close to the sale said it has not been concluded yet, but said the expected purchase price is about $220 million.
According to its website, Calera's portfolio includes Sleepy's, a mattress retailer, and forest products brand Crown Pacific. The company manages $2.8 billion in capital.