Skip Barber Racing School Completes Financing
Tuesday, February 01, 2011 Skip Barber Racing School Completes Financing
Lakeville, CT – Tuesday, February 01, 2011 – Skip Barber Racing School announces that the company has competed a multi-million dollar financing. On January 27th Skip Barber Racing School closed on new funding consisting of a working capital line of credit, mezzanine financing and common equity from individual investors. The financing strengthens the company’s balance sheet and provides a new line of credit to augment working capital during seasonal fluctuations in business.
Skip Barber Racing School CEO, Michael Culver stated “We have a dedicated and passionate team that is clearly focused on maintaining our position as the leader in driver training and education. This financing accomplishes one of our company strategic objectives for 2011 in support of this vision; it is a great way to start the year. Our new partners are more than financiers; they are partners that understand our business. People’s United Bank has come on with a line of credit to support our working capital needs. We worked with People’s United Bank in the past and we are excited to be working with them again. CMS Mezzanine Fund and its parent company have a track record of creating value for their portfolio companies for more than 35 years and we are excited to be working with them.”
Lyle Cunningham, Managing Partner, CMS Mezzanine Fund added “We are excited to be partnering with the management team at Skip Barber Racing School, which is the leader in high performance racing and driving schools. We were attracted to this opportunity by its top position within its industry and its world class facilities, instructors, and management team.”
Skip Barber Racing School, LLC was advised by L.R. Nathan Associates.
About Skip Barber Racing School
For 35 years, Skip Barber Racing School LLC, the leader in high performance driving and racing education has operated a fully integrated system of racing schools, driving schools, racing championships, corporate events and OEM events across North America. Skip Barber Racing School is offered at more than 20 of America’s most prestigious race tracks.
About CMS Mezzanine Fund
Founded in 2008, CMS Mezzanine Fund is a suburban-Philadelphia based investment firm providing financing to the lower middle market for growth capital, acquisitions & buyouts, and liquidity for shareholders. The Fund is managed in conjunction with CMS Companies, an investment firm that has helped entrepreneurs grow, manage and preserve their personal wealth for more than 40 years. CMS Mezzanine typically invests between $2 – $6 million per transaction in companies with strong products, defensible market positions and outstanding management teams, across all industries.
About People’s United Financial
People’s United Financial, a diversified financial services company with $25 billion in assets, provides commercial banking, retail and business banking, and wealth management services through a network of nearly 340 branches in Connecticut, Vermont, New York, New Hampshire, Maine and Massachusetts. Through its subsidiaries, People’s United Financial provides equipment financing, asset management, brokerage and financial advisory services, and insurance services.