Spire seals $76m exit amid fundraise

Spire Capital will sell Just Marketing International from its Fund II portfolio to Chime Communications, while aiming to raise $375 million for its third buyout fund.

Spire Capital will sell Just Marketing International, a motorsports-focused marketing company, to Chime Communications for $76 million, according to a statement from the firm. 

Spire invested an undisclosed amount in JMI in 2008, using capital from its $320 million Fund II that closed in 2007. During the holding period, Spire helped institutionalise JMI and grew its international presence, particularly through the company’s London office, according to a Spire spokesperson. Rothschild served as a financial advisor to JMI and Dentons provided legal counsel during the transaction. 

“[Spire’s] ability to provide strategic direction and guidance has played an essential part in JMI's growth, development and expansion,” said JMI chief executive officer Zak Brown in the statement. 

Spire is currently in the market fundraising for its third buyout fund which is targeting $375 million, according to Private Equity International’s Research and Analytics division. In May, the firm held a $100 million first close for the fund. The Teacher Retirement System of Texas committed $15 million to fund during the first quarter, PEI previously reported.

Spire focuses on small market business services and communications companies with enterprise values of less than $100 million and with earnings before interest, tax, depreciation and amortisation of between $5 million and $10 million. The firm was founded in 2000 by partners Andrew Armstrong, Bruce Hernandez and Richard Patterson. The trio previously co-founded Waller-Sutton Media Partners, a private equity fund focused on the media and communications industry, according to Spire’s website.