Actions

• F.N.B. Capital’s financing provided an effective transition of ownership through the use of a mezzanine loan, which serves as temporary capital (3 -5 year horizon), and represented a less costly alternative to an equity partner that could share profits in perpetuity.
• The funding provided by F.N.B. Capital, coupled with traditional lending from a banking partner, created the necessary capital for the founding partner and current management team to successfully regain majority ownership (i.e. control) by purchasing stock that was owned by a private equity investor.
• F.N.B. Capital was able to work with the management team and other various stakeholders to close the management buyout in less than ninety days, despite a relatively complex process.

Results

• The management team has regained independence and ownership of the business while having access to F.N.B. Capital’s strategic, tactical and financial assistance.
• While working with F.N.B. Capital, the prudent management team has successfully executed on several cost-reducing initiatives and has invested in research and development.
• Innovative Concepts in Entertainment, Inc. continues to be a leader in the innovation, manufacturing, and distribution of coin-operated amusement games, redemption games, skill games, and other amusement games.