ICE-broker deal for Livingstone

  • jun. 2008
  • Consumer
  • M&A: Sell-Side
  • US

Livingstone’s Chicago team has delivered a successful recapitalisation for its client, Innovative Concepts in Entertainment. The transaction allows the Company’s founder and executive management team to acquire 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 has expanded from one product, the ever-popular SUPER CHEXX bubble hockey game, to offer the broadest and most popular product range 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.

Steve Miles, Partner at Livingstone Chicago commented, “This is my 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.”

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