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NEW YORK | October 2011
$6.6 MILLION IN DEBT FINANCING TO SUPPORT GROWTH OF LEADING GO-KART COMPANY
NEW YORK – October 4, 2011– Praesidian Capital, a leading provider of mezzanine capital for small and mid-sized businesses, announced today it has invested $6.6 million in senior notes and warrants in K1 Speed, Inc., the nation’s largest operator of indoor go-kart racing tracks based in Irvine, California.
Praesidian invested $6.6 million of senior debt to primarily fund growth of K1 Speed, Inc., which plans to open two new locations in Santa Clara, California and Austin, Texas.
“Praesidian’s support is immensely valuable to K1 Speed during this period of continued growth,” said K1 Speed CEO David Danglard. “This investment will fund our expansion plans and make go karting accessible to even more enthusiasts and amateurs alike.”
“K1 Speed has a demonstrated track record of success and solid performance,” said Jon Mansfield, Partner at Praesidian Capital. “We are pleased to be able to provide financing to help the company to expand and take advantage of growth opportunities in the market.”
About K1 Speed
K1 Speed is the nation’s largest operator of indoor go-kart racing tracks, with eight locations in Southern California, Seattle, Phoenix and Ft. Lauderdale. K1 offers electric kart racing which caters to novices, auto racing enthusiasts, racing professionals and corporate events.
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.
Contact: Rivian Bell
The Abernathy MacGregor Group
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