Found July 16, 2012 on
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 sponsor 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."
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WELCOME, N.C. – Richard Childress Racing has advised its employees, drivers and key sponsors that Chartwell Investments is considering exiting its minority equity position in RCR.
“Since 2003, I have had a minority partner at RCR in Chartwell Investments,” said Richard Childress, president and CEO of Richard Childress Racing. “Like any private equity business, Chartwell has...
Richard Childress Racing has three previous NASCAR Camping World Truck Series starts at the Joliet, Ill.-based facility, earning one victory with Austin Dillon in 2011 and two top-10 finishes. RCR boasts a sixth-place average starting position combined with a 7.3 average finishing position at the 1.5-mile track. Collectively, the Welcome, N.C.-based race team has completed 100 percent...
Richard Childress Racing teammates finished seventh (Ty Dillon), eighth (Joey Coulter) and 15th (Tim George Jr.).
Dillon ranks third in the NASCAR Camping World Truck Series driver championship point standings, trailing leader Timothy Peters by 14 points, while Coulter ranks eighth in the standings.
The No. 3 Chevrolet team is third in the Camping World Truck Series owner championship...
Richard Childress Racing teammates finished eighth (Kevin Harvick), 17th (Paul Menard) and 21st (Jeff Burton).
Harvick maintained an average running position of 7.641 during the LENOX Industrial Tools 301 while spending 300 of the 301 laps (99.7 percent) running within the top 15.
Harvick was credited with seven of the Fastest Laps Run according to NASCAR’s post race Loop Data...
Richard Childress Racing teammates finished second (Kevin Harvick), third (Austin Dillon) and seventh (Elliott Sadler).
Sadler leads the NASCAR Nationwide Series driver championship point standings over Dillon by three points. Ricky Stenhouse, Jr. ranks third, followed by Sam Hornish and Justin Allgaier.
The No. 2 Chevrolet team is second in the Nationwide Series owner championship...
RCR’s NASCAR Nationwide Series History at Chicagoland Speedway … In 21 previous Nationwide Series appearances at Chicagoland Speedway, Richard Childress Racing has three wins at the 1.5-mile track, with Kevin Harvick in 2007 and 2005 and Johnny Sauter in 2002. RCR drivers have completed 94.6 percent of the laps attempted at the track (3,976 of 4,203 laps), with 228 laps led....
Austin Dillon drove Richard Childress Racing's No. 3 AdvoCare Chevrolet to a third-place finish in the F.W. Webb 200 at New Hampshire Motor Speedway on Saturday afternoon, marking the team's 10th top-five finish of the 2012 season.
By besting the performances of fellow Nationwide Insurance Dash 4 Cash competitors Ricky Stenhouse, Elliott Sadler and Michael Annett, Dillon...