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Spire Capital to make full exit of Just Marketing International for USD 76 million
Spire Capital announced that it would be exiting its investment in Just Marketing International or JMI. The private equity firm would be selling the motor sports marketing agency to Chime Communications in a deal worth USD 76 million. Chime Communications, a public relations and communications company based in London, would be purchasing JMI through its subsidiary firm CSM Sport & Entertainment.
Spire Capital and the Indiana Investment Fund bought a controlling stake in JMI five years ago. It assisted the company's management so it could leverage its marketing services in the world of motorsports. Spire helped JMI increase its operational and financial efficiency. It also helped the company expand internationally and diversify its clientele.
JMI Chief Executive Officer Zak Brown thanked Spire for the role they played in growing JMI. He added, "Their ability to provide strategic direction and guidance has played an essential part in JMI's growth, development and expansion. Their expertise is unparalleled and they should be credited with the significant role they played in our success and the tremendous opportunity we now have with Chime. Without a doubt JMI wouldn't have grown to where it is today without Spire's guidance and support."