The business was bought by fellow buyout house Calera Capital.
Although financial terms of the deal were not disclosed, Calera typically invests between $50m and $250m in companies valued up to $1bn.
Falconhead founded CG in 2007 by buying and combining three separate endurance sport event and publishing enterprises.
The firm’s current assets include digital community Competitor.com, digital registration platform Raceit and publications Inside Triathlon, Competitor and Women’s Running.
The business also operates 83 events globally, including the Rock ‘n’ Roll Marathon and TriRock Triathlon series.
Calera Capital’s James Farrell said, “CG is an outstanding business and a market leader.
“The company has a substantial opportunity for continued robust organic growth and we also look forward to investing behind management in developing new events and making strategic acquisitions.”
Falconhead made a series of managerial changes in the company in March this year, with president Scott Dickey promoted to CEO from chief operating officer as Falconhead chairman David Moross stepped back from the role.
Steve Gintowt was handed the additional role of COO in addition to being chief financial officer as part of the changes.
Moross said, “When we established Competitor Group, we recognised an opportunity to build a leading company in a highly fragmented industry serving a fast-growing global market.
“We have been extremely successful, as our vision has been realised through the dramatic growth in all facets of Competitor Group’s business and the exciting synergies between its media and event platforms.
“Competitor Group is exceptionally well positioned for continued growth under its new owners and we wish the management team led by Scott Dickey and Steve Gintowt every success in the future.
“We are delighted that Peter Englehart, who was instrumental in the building and development of Competitor Group, and served as both chairman and CEO, will return to Falconhead Capital as an operating partner.”
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