By John Brasier Reporter, Triad Business Journal
Teall Capital has acquired a controlling interest in one of the first companies it invested in.
The private equity firm headed by former IMG College CEO Ben Sutton announced Monday that it had upped its stake in Tailgate Guys and PRE, companies in which it had held “significant” stakes. Teall partner Ray DeWeese, who worked with Sutton at IMG College, will become Tailgate Guys’ new CEO. The terms for Teall’s increased stake were not announced.
Teall, founded in 2017 and based in Winston-Salem and Atlanta, also announced plans to launch a multi-dimensional game and event day experience business comprised of Teall brands Tailgate Guys, PRE and Complex Sports and Entertainment. Teall announced that the new company is expected to be rebranded this summer.
Founded by Parker Duffey and Michael Otwell in 2009 and headquartered in Opelika, Alabama, Tailgate Guys markets itself as providing a premium, turnkey fan experience before, during and after games and events. PRE was introduced in the winter of 2014 to support year-round hospitality and event rental needs.
Teall Capital focuses its investments in sports, entertainment and lifestyle brands. The company’s current investment portfolio includes Complex Sports and Entertainment, Dyehard Fan Supply, Riddle & Bloom, Sunshine Beverages, Tailgate Guys and Teall Properties Group.
“The core experience of Teall Capital Partners is broad and deep in the sports and entertainment space,” DeWeese said in a statement. “Through this transaction, we are going to utilize that shared knowledge base, as well as our longstanding industry relationships, to aggressively grow revenue for our partners in areas that are not currently being offered or maximized.”
“We consider Tailgate Guys and PRE a nice foundation for the much larger enterprise we are launching,” Sutton said. “We know that almost 90% of fans/buyers are willing to pay more for a great customer experience and that the ‘In-Real-Life,’ location-based experience industry will be a $12 billion industry by 2023. Since our initial investment in Tailgate Guys in 2016, the business has seen 800+% property growth and 300+% revenue growth. Ramping up our investment and effort to acquire the other pieces and become the nation’s most comprehensive solutions provider to our partners and sports fans across the country is a natural next step.”
