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Global Equestrian Group (GEG) CEO Andreas Helgstrand and Wellington Equestrian Partners (WEP) CEO Mark Bellissimo announced the establishment of an unprecedented partnership focused on the development of international equestrian sports. GEG will acquire the Palm Beach International Equestrian Center (PBIEC) in Wellington, Florida, and will invest in the WEP equestrian lifestyle program. WEP’s largest partners Mark Bellissimo, Roger Smith, Lisa Lourie and Marsha Dammerman and Michael Stone will jointly invest in GEG. Mark Bellissimo and PBIEC have made Wellington the top destination for equestrian enthusiasts around the world, hosting more than 40 weeks of competitions and events each year. PBIEC is the venue of the Winter Equestrian Festival. It lasts for 13 weeks and is the largest and longest equestrian sporting event in the world. 4,000 families, 8,000 horses and 250,000 spectators from 43 different countries gathered in Wellington to compete for more than US$12 million in prize money. A recent independent economic study highlighted the annual economic impact of the Winter Equestrian Festival on Palm Beach County as total expenditures of $279 million and 150,000 bed nights. GEG is part of Waterland Private Equity, which manages a global investment portfolio of more than $11 billion.
This press release features multimedia. View the full version here: https://www.businesswire.com/news/home/20210709005400/en/
Bruce Springsteen’s daughter, Jessica Springsteen, is a frequent visitor to PBIEC and will represent the United States in the Tokyo Olympics this year. (Photo: Business Wire)
PBIEC operates 16 venues and 2500 booths, providing contestants and spectators with a variety of exclusive restaurants, shopping, reception areas and other first-class facilities. PBIEC management will remain unchanged, with Mark Bellissimo continuing as CEO, Michael Stone as president, and David Burton as chief operating officer. GEG plans to initiate major investments in all areas of the facility…
The full story on Benzinga.com
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