Wellington, FL - July 9, 2021 - Andreas Helgstrand, CEO of Global Equestrian Group (GEG) and Mark Bellissimo, CEO of Wellington Equestrian Partners (WEP) announced an unprecedented partnership focused on developing international equestrian sport. GEG, will acquire the Wellington, Florida based Palm Beach International Equestrian Center (PBIEC) and will invest in WEP equestrian lifestyle initiatives. WEP's largest partners, Mark Bellissimo, Roger Smith, Lisa Lourie, and Marsha Dammerman as well as Michael Stone will co-invest in GEG. Mark Bellissimo and PBIEC have transformed Wellington into the world's premiere destination for equestrian enthusiasts, with competitions and events across more than 40 weeks every year. PBIEC is home to the Winter Equestrian Festival, spanning 13 weeks and is the world's largest and longest-running equestrian sports event. 4,000 families, 8,000 horses, and 250,000 spectators from 43 different countries converge on Wellington to compete for over USD 12 million in prize money. A recent independent economic study highlighted the Winter Equestrian Festival's annual economic impact on Palm Beach County of USD 279 million of total expenditures and 150,000 bed nights. GEG is part of Waterland Private Equity, who manage a global investment portfolio in excess of USD 11 billion.
PBIEC operates 16 competition arenas, 2,500 stalls, and provides participants and spectators with a variety of exclusive restaurants, shopping, hospitality areas, and other first-class facilities. PBIEC management will remain intact with Mark Bellissimo continuing as CEO, Michael Stone as President, and David Burton as Chief Operating officer. The GEG initiative will launch major investments in all areas of the facility ensuring that PBIEC will continue to be the pre-eminent sport horse venue in the world with increased exposure in Europe, Asia, and South America. The purchase includes an 11-acre expansion of the Showgrounds. To ensure continuity, the WEP partners required a 50-year deed restriction on the venue that guarantees USEF and FEI sanctioned shows on the property.
USEF CEO, Bill Moroney, commented, "As always, we are pleased to see a continued investment in US equestrian sport. This significant commitment to world class facilities, horse and rider welfare, and USEF and FEI competitions further validates the market's demand, at all levels, for organized sport."
Andreas Helgstrand, co-owner and CEO of GEG added, "The Winter Equestrian Festival and PBIEC are fantastic brands within international equestrian sport. Together, we will strengthen the offering and create a global market leader spreading our passion for equestrian sport and lifestyle to new markets." Outside of equestrian events the Group is active in other equestrian investments including Helgstrand Dressage, Ludger Beerbaum Stables, Helgstrand Jewellery, and the equestrian apparel and accessories company Kingsland Equestrian. At present, the total revenue of these combined is USD180 million.
