 Newsletter Signup
Stay informed with the
NEW Casino City Times newsletter! Related Links
Related News
|
Gaming News
Innovation Capital advises on Indiana Downs sale24 August 2007LOS ANGELES, California -- (PRESS RELEASE) -- Innovation Capital, LLC, an investment banking firm with a practice dedicated to the gaming, leisure and hospitality industries, announced its role as Exclusive Financial Advisor in connection with the closing of a $58.0 million sale of equity interests in Indiana Downs held by LHT Capital, LLC ("LHT") on Thursday, August 23, 2007. LHT, a 34.34% owner of Indianapolis Downs, LLC, engaged Innovation Capital in anticipation of new gaming legislation for the Indiana Downs Race Track ("Indiana Downs"). The controlling principal of LHT is Paul Estridge, Jr., President of The Estridge Group, Inc., a premier Indiana-based home building company. Innovation Capital was retained as Financial Advisor to maximize the value of LHT's equity interest in Indiana Downs, which was significantly enhanced by the racino legislation that passed in April 2007. Throughout the process, Innovation Capital developed and presented a variety of transaction structures and strategic alternatives to LHT. Paul Estridge, Jr. commented, "Innovation Capital was instrumental in providing sound M&A advice and facilitating the transaction. This sale of LHT's equity interests in Indiana Downs validates the long history my family and I have had with the track since my father and I acquired the initial horse racing license in the early 1990's." |