Patriot Capital Funding Closes $13.5 Million Financing in Support of the Refinancing of Innovative Concepts in Entertainment, Inc.
WESTPORT, Conn.--(BUSINESS WIRE)--Feb. 27, 2006--Patriot Capital Funding, Inc. (Nasdaq: PCAP), a specialty finance company providing flexible financing solutions to private equity sponsors focused on making investments in small- to mid-sized companies, today announced that it closed a $13.5 million financing in support of the refinancing of Innovative Concepts in Entertainment, Inc. ("ICE") by MidMark Capital, Summer Street Capital Partners and Management. ICE is a leading manufacturer, marketer and distributor of coin-operated games.
"This is Patriot's first transaction with MidMark and Summer Street. With a clear focus on the lower middle market, MidMark and Summer Street are a great fit for Patriot Capital Funding, and we are excited to be working with them on this transaction," said Richard Buckanavage, President and CEO of Patriot Capital Funding. "We are also very pleased to be backing an experienced management team led by ICE founder and industry veteran Ralph Coppola."
About Innovative Concepts in Entertainment, Inc.
Buffalo, NY-based, ICE (www.icegame.com) was founded in 1982 and is a leading manufacturer, marketer and distributor of coin-operated amusement, sports and redemption games. ICE games can be seen in amusement parks, family entertainment centers, arcades, pubs, malls and restaurants in over 52 countries. The Company's impressive lineup includes redemption games, coin pushers, cranes, table games, home games and video.
About Patriot Capital Funding, Inc.
Patriot Capital Funding, Inc. (www.patcapfunding.com) is a specialty finance company providing customized financing solutions to private equity sponsors focused on making investments in small- and mid-sized companies. Patriot Capital Funding typically invests in companies with annual revenues between $10 million and $100 million, and which operate in diverse industry sectors. Investments usually take the form of senior secured loans, junior secured loans, subordinated debt investments - which may contain equity or equity-related instruments. Patriot Capital Funding also offers "one-stop" financing, which typically includes a revolving credit line, one or more senior term loans and a subordinated debt investment. Patriot Capital Funding also makes equity co-investments up to $2.0 million.
This press release may contain certain forward-looking statements, including statements with regard to the future performance of Patriot Capital Funding. Words such as "believes," "expects," "projects," and "future" or similar expressions are intended to identify forward-looking statements. These forward-looking statements are subject to the inherent uncertainties in predicting future results and conditions. Certain factors could cause actual results to differ materially from those projected in these forward-looking statements, and some of these factors are enumerated in Patriot Capital Funding's final prospectus dated July 27, 2005, and other filings with the Securities and Exchange Commission. Patriot Capital Funding undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.