A new partnership has been formed between Global Equestrian Group, headed by Andreas Helgstrand and Wellington Equestrian Partners, whose CEO is Mark Bellissimo, with plans for an 11-acre expansion of WEP’s Palm Beach International Equestrian Center showgrounds.
The parties also are evaluating further investment opportunities in Wellington, including “a new state of the art” Global Dressage Festival showgrounds. WEP plans originally called for Global Dressage Festival’s shows to move from its current facilities to the nearby International Polo Club, but that never came to fruition.
The concept of the arrangement is to further develop international equestrian sport. GEG is acquiring PBIEC, home of the Winter Equestrian Festival, and investing in “equestrian lifestyle initiatives.”
Palm Beach International Equestrian Center in Wellington, Fla.
Meanwhile, WEP will invest in Global Equestrian Group and its key partners, Bellissimo, Roger Smith, Lisa Lourie of Spy Coast Farm, Marsha Dammerman and WEP President Michael Stone will continue in their roles. Bellissimo and Stone will remain as management along with CEO Dave Burton.
GEG is part of Waterland Private Equity, a private equity firm that manages a global investment portfolio in excess of $11 billion. The GEG initiative will launch major investments in all areas of PBIEC, aimed at ensuring it will “continue to be the pre-eminent sport horse venue in the world with increased exposure in Europe, Asia, and South America.”
Mark Bellisimo with FEI President Ingmar DeVos (center) and International Olympic Committee President Thomas Bach at the 2018 FEI World Equestrian Games in Tryon, N.C., where Helgstrand sponsored the dressage. (Photo © 2018 by Nancy Jaffer)
To ensure continuity, WEP required a 50-year deed restriction on the venue that guarantees USEF- and FEI-sanctioned shows on the property.
USEF CEO Bill Moroney stated in that regard, “As always, we are pleased to see a continued investment in U.S. 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, a Dane who was a top dressage rider and now is co-owner and CEO of GEG declared, “The Winter Equestrian Festival and PBIEC are fantastic brands within international equestrian sport.
Andreas Helgstrand competing on Matine at the 2006 FEI World Equestrian Games in Aachen. (Photo © 2006 by Nancy Jaffer)
“Together, we will strengthen the offering and create a global market leader spreading our passion for equestrian sport and lifestyle to new markets.”
GEG’s other investments include Helgstrand Dressage, which often has presented its horses during exhibitions at the Global Dressage Festival; Ludger Beerbaum Stables, carrying the name of the famed German show jumper–who allied with Helgstrand in January; Helgstrand Jewelry and the apparel and accessories company, Kingsland Equestrian. The total revenue of all of these is $180 million.
PBIEC hosts shows for 40 weeks a year. The 13-week WEF, offering $12 million in prize money, is the world’s largest and longest-running equestrian sports event, bringing together 4,000 families, 8,000 horses, and 250,000 spectators from 43 different countries. An economic study put WEF’s annual economic impact on Palm Beach County at $279 million in total expenditures and 150,000 bed nights.
GEG will now have event venues in the US, Germany and Denmark. The partnership enables the Group to leverage PBIEC’s experience and create a European equestrian sports event company.
“Our goal is to enhance equestrian sport by providing superior venues and top sport so riders across the world can live out their passions and dreams,” said Beerbaum, four-time Olympic gold medalist in jumping and co-owner of Global Equestrian Group.
German show jumper Ludger Beerbaum, seen here at the 2004 Athens Olympics, has allied with Andreas Helgstrand and his company. (Photo © by Nancy Jaffer)
“With the acquisition of PBIEC, we now have the perfect setting to do this in the US and with our current expansion of Riesenbeck International in Germany we will have two top professional and attractive show grounds.”
Bellissimo added, “We are pleased to be collaborating with both Andreas and Ludger, whose passion and commitment to equestrian sport is extraordinary. Opportunities abound to take the sport to a new level.”
Bellissimo will be announcing a comprehensive strategy and a series of investments to elevate Wellington as” the world’s premiere equestrian lifestyle destination, thus strengthening its international appeal.”
