Livingstone Cracks a Deal for ICE
June 2008
Livingstone is pleased to announce the successful recapitalization of its client, Innovative Concepts in Entertainment (“ICE”). The transaction allows the Company’s founder and executive management team to repurchase 100% ownership of the Company from its current private equity investors. Senior debt to finance the transaction was provided by RBS Citizens Bank N.A., and supplemented by a mezzanine debt investment from F.N.B. Capital Corporation.
Founded in 1982 in Buffalo, NY, ICE is the coin operated amusement industry’s leading manufacturer of entertainment, sports, and redemption games. The company started operations with one product, the ever-popular SUPER CHEXX bubble hockey game, and has since expanded to offer the broadest and most popular product line in the industry, with hit titles such as “Cyclone”, “Wheel of Fortune”, “NBA Hoops”, “NFL 2-Minute Drill”, and “Deal or No Deal”. Today, ICE games can be seen in parks, family entertainment centers, arcades, bars, pubs, and restaurants across the globe.
“We are pleased to have been able to refinance our business, provide an exit vehicle for the institutional investors that have worked with ICE over the past four years, and return ICE to an owner-managed organization well positioned to maintain its market dominant position in the coin-op industry”, said Ralph Coppola, Founder and CEO of ICE.
Livingstone partner Steve Miles commented, “This is our second transaction with ICE and it is always rewarding to build long-term relationships with repeat clients. We are proud to have structured a transaction that provides an exit for ICE’s investors, and puts control of the firm back with the management team that founded the business over 25 years ago.”
ICE represents the 17th transaction closed by Livingstone in 2008.
For further information contact:
Steve Miles
T: 312 670 5901
E: miles@livingstonepartners.com
