Minority owner hires bank to help sell its share of Richard Childress Racing
Chartwell Investments, the minority owner of Richard Childress Racing Enterprises, announced Wednesday that it and team majority owner Richard Childress have retained the global investment bank of Houlihan Lokey to assist Chartwell’s efforts to sell its equity position in RCRE.
Chartwell Investments has owned an unspecified minority percentage of the RCR organization since 2003. Richard Childress Racing is celebrating its 46th year of business, having been founded by Childress in 1969.
“Like any private equity business, Chartwell has a duty to its investors to return capital and maximize profits,” Childress said in a statement. “Given the strength of the business and the continued strong prospects for future grown, Chartwell believes now is the right time for them to exit and for RCR to find a new partner.��
Childress, who is CEO and chairman of the organization, added that Chartwell’s announcement “will have no impact on the current affairs at RCR. If a new investor comes on board as RCR’s new partner, they will be strategically chosen to help RCR continue to grow.”
Chartwell first announced intentions to sell its interest in RCR in July 2012.