The Finish Line, Inc. and GCPI SR LLC (Gart Capital Partners/GCP) have agreed to Finish Line increasing its ownership in the Denver-based Running Specialty Group (RSG), which has been rolling up independently owned shops across the country.
GCP will retain an ownership position in RSG, maintain two positions on the RSG Board of Directors and will continue to provide leadership in ongoing business development opportunities. Terms of the agreement were not disclosed. "With the Gart's leadership, we have almost tripled the number of stores under the RSG banner," said Finish Line Chairman and Chief Executive Officer Glenn Lyon. "We have invested time and energy into learning about RSG's customers, business plan and operations since acquiring the original chain and are taking our next step in the management of the business. The Gart's involvement has been pivotal in RSG's acquisitions and growth to date. We are at a milestone where with Finish Line's increased ownership, we will take our running specialty platform to a new level."
RSG also named Bill Kirkendall as its president and said he will assume management of the day-to-day operations at RSG from Gart Companies. Kirkendall served as a member of Finish Line's board of directors since 2001 until his resignation April 24, 2014. RSG now owns 49 specialty running shops in 11 states and the District of Columbia under The Running Company, Run On!, Blue Mile, Boulder Running Company, Roncker's Running Spot and VA Runner banners. "We remain committed to continuing to grow the business with RSG and to further impact the philosophies of this community-based group of specialty running shops," said GCP Partner Ken Gart. "We stand strong in our commitment to the local communities where we are involved and will remain authentic to the roots of this business and, most importantly, our loyal and valued customer base. With Bill on the team and focused on core operational and strategic aspects of our business, we can take this partnership to the next level for all that we serve."
During an almost 20 year span of his career, Kirkendall held several key executive leadership positions with Etonic, Inc. (Etonic/Tretorn/Puma USA) including President. He also was previously Chief Executive Officer of Orlimar Golf Company and most recently served as Managing Partner/President of Glen Oaks Country Club in West Des Moines, Iowa and as the Lead Advisor for the Board of Advisors for Golf Resources Inc.
