Richard Childress Racing Enterprises ("RCR" or the
"Company"), a premier sports enterprise focused primarily on NASCAR race teams, has advised its
employees, drivers and key sponsors that RCR's minority partner, Chartwell Investments and the Company have hired Houlihan Lokey to assist in exploring strategic alternatives for the sale of its equity position in the Company.
RCR is one of the premier racing organizations in NASCAR, having finished second in the Chase for theSprint Cup during 2014. Founded by the iconic and legendary Richard Childress in 1969, RCR hasexpanded its operations over the years by leveraging its strong racing organization.
"The strategic alternatives process will have no impact on the current affairs at RCR," said Richard Childress, CEO and Chairman of Richard Childress Racing. "If a new investor comes on board as RCR's new partner they will be strategically chosen to help RCR continue to grow. Chartwell Investments has been a great partner for more than 10 years.
"Like any private equity business, Chartwell has a duty to its investors to return capital and maximize profits. Given the strength of the business and the continued strong prospects for future growth, Chartwell believes now is the right time for them to exit and for RCR to find a new partner. As for me, I enjoy what I do and plan to be involved for years to come."
"RCR is one of the elite NASCAR organizations and we are honored to be a part of the RCR family andpartners with racing icon Richard Childress for over ten years," said Michael Shein, Managing Partner ofChartwell Investments. "RCR has more than doubled the size of its business since our original investment."
Houlihan Lokey is serving as financial advisor to RCR. Questions regarding the process should be directed to Lee Ann Gliha.