Praesidian Capital, a provider of senior and subordinated debt for small and mid-sized businesses, said on Tuesday that it has successfully exited $7.6 million in senior notes in K1 Speed. . Based in Irvine, Calif., K1 Speed is a provider of indoor go-kart racing tracks. Praesidian made its initial investment in September 2011 to fund K1’s expansion strategy.
NEW YORK – June 4, 2013 – Praesidian Capital, a leading provider of senior and subordinated debt for small and mid-sized businesses, announced today the successful exit of $6.6 million in senior notes in K1 Speed, Inc., the nation’s largest operator of indoor go-kart racing tracks based in Irvine, Calif. Praesidian made its initial investment in September 2011 to fund K1’s expansion strategy.
“We appreciated Praesidian’s support at a time when we were opening new locations in California, Texas, Florida and Illinois” stated David Danglard, K1 CEO. “Praesidian’s capital was instrumental in helping K1 open new locations on an expedited timeline.”
According to Jon Mansfield, Partner at Praesidian, “K1 demonstrated solid performance that resulted in this early and successful exit for our investing partners. We know they have a terrific future in the go-kart and entertainment arena.”
About K1 Speed
K1 Speed is the nation’s largest operator of indoor go-kart racing tracks, with 15 locations throughout California (8), Texas (2), Chicago (2), Seattle, Phoenix and Ft. Lauderdale. K1 offers electric kart racing which caters to novices, auto racing enthusiasts, racing professionals, and corporate event planners.
About Praesidian Capital
Praesidian Capital partners with small and mid-sized businesses by providing private debt capital. With a focus on its core competency in mezzanine financing, Praesidian invests in established, historically profitable companies often in connection with a management/leveraged buyout, recapitalization or refinancing. Based in New York City, Praesidian manages more than $700 million in committed capital. For more information, visit www.praesidian.com.