MidMark Capital and Summer Street Capital Partners have sold Innovative Concepts in Entertainment Inc. back to the company's founder and management team. No financial terms were disclosed, except that F.N.B. Capital supported the buyers with $5 million in mezzanine funding. ICE is a Clarence, N.Y.-based maker of coin-operated arcade games.
F.N.B. Capital Corporation, LLC, the Pittsburgh-based merchant banking subsidiary of F.N.B. Corporation (NYSE: FNB), has provided $5 million in mezzanine financing to Innovative Concepts in Entertainment, Inc. (ICE), the leading manufacturer of coin-operated amusement games in North America. The acquisition financing provided funding for the founder and his management team to reacquire 100% of the Company's stock.
Founded in 1982, ICE achieved early success with its introduction of an industry classic, SuperChexx “bubble hockey” game, and has since introduced the market's most expansive and popular product line of ticket redemption games, including: Cyclone, ICE Ball, Monopoly, Wheel of Fortune, and its latest hit game, Deal or No Deal. The Company also has licensing agreements with the National Football League and the National Basketball Association, and its games can be found globally at family entertainment centers.
Under the direction of founder and President Ralph Coppola, ICE has developed from a single-product company to an industry leader, with the industry's most complete product line of coin-operated games and a global distribution channel.
“F.N.B. Capital considers ICE's leadership in innovative products, its dominance in the coin-operated game market, and its long-standing and successful operating history as the key factors in our decision to invest,” said Stephen Gurgovits, Jr., President and Chief Executive Officer of F.N.B. Capital Corporation.
About F.N.B. Capital Corporation, LLC:
F.N.B. Capital Corporation, LLC is headquartered in
About F.N.B. Corporation
F.N.B. Corporation, a diversified financial services company headquartered in Hermitage, PA, has total assets of approximately $8 billion, including the recently acquired Omega Financial Corporation. F.N.B. is a leading provider of banking, wealth management, insurance, merchant banking and consumer finance services in Pennsylvania and Ohio, where it owns and operates First National Bank of Pennsylvania, First National Trust Company, First National Investment Services Company, LLC, F.N.B. Investment Advisors, Inc., First National Insurance Agency, LLC, F.N.B. Capital Corporation, LLC, and Regency Finance Company. It also operates consumer finance offices in
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