Falconhead sells stake in NPA
The Daily Deal 8/30/06
New York private equity firm Falconhead Capital LLC has sold its stake in National Powersport Auctions, a Poway, Calif.-based auctioneer of motorcycles, watercraft and all-terrain vehicles, to Bloomfield Hills, Mich.-based private equity firm Transportation Resource Partners LP. Although terms were not disclosed, Falconhead's exit will generate about a 4 times return. The private equity firm initially invested in NPA in February 2004 in a deal that sources said at the time was valued at close to $50 million. Falconhead specializes in lifestyle-related investments while TRP manages a $265 million fund. William Blair & Co. and Watch Hill Partners LLC are financial advisers to Falconhead.