Investment bank G.C. Andersen Partners was the financial adviser to Flight Fit N Fun on its recent acquisition of Flight Entertainment, an operator of indoor trampoline parks in the Eastern US. Financing for the transaction was provided by Gladstone Capital through a combination of first lien debt and equity.
According to the International Association of Trampoline Parks there were about 35 to 40 indoor trampoline parks in operation in 2011 and today there are approximately 280 parks.
“Trampoline parks are the newest and fastest growing segment of the leisure market,” said John Duran, Flight’s CEO. “The fun and fitness-centered nature of the venues are gaining tremendous popularity and quickly replacing the traditional arcade and bowling birthday party and events venues. Flight was an attractive acquisition that represents the platform from which we plan to build a large family entertainment and attractions business.”
“G.C. Andersen was very effective at understanding our business and communicating the value of this opportunity to potential financial partners,” said Mr. Duran. “We look forward to our new partnership with Gladstone Capital as we grow Flight through a combination of opening new locations and acquiring additional businesses.”
G.C. Andersen advises clients on mergers and acquisitions, capital raises and restructuring assignments. The firm provides advice to both publicly and privately held middle market companies with revenues between $20 million and $2 billion. G.C. Andersen has been very active in the past year and has raised almost $400 million in debt and equity financing for its clients. The firm was founded in 1996 and has offices in New York and Los Angeles (www.andersenllc.com).
“As a result of our strong relationships throughout the financial community, we were able to facilitate the acquisition of Flight by this seasoned team of successful entrepreneurs. This is our second completed transaction with Gladstone Capital, and we are confident that the partnership with Gladstone will position the company for substantial organic and acquisition growth,” said Scott Hadfield, a Managing Director at G.C. Andersen.
Gladstone is a publicly-traded business development company that makes debt and equity investments in US-based small to middle-market businesses. Target investments generally range from $5 million to $30 million in companies with over $3 million in EBITDA. Sectors of interest include light and specialty manufacturing, industrial products, business and government services, media and communications, consumer products and services, healthcare services, transportation, specialty chemicals and energy services. Gladstone is based in McLean, VA with additional offices in New York, Chicago, and Los Angeles (www.Gladstone.com).
Flight Fit N Fun operates trampoline parks and family entertainment centers that include facilities free jumping, dodgeball, and basketball as well as private event space. The company was founded in 2015 (www.flighttrampolinepark.com).
© 2015 PEPD • Private Equity’s Leading News Magazine • 9-29-15
