Rimrock Capital Announces LakePoint Sports Bankruptcy Exit, Complex Poised for an Era of Growth and Development
LakePoint successfully recapitalizes, exits Ch. 11 bankruptcy
EMERSON, Ga., December 21, 2018 (Newswire.com) - Rimrock Capital Management is proud to announce that LakePoint Sporting Community has successfully recapitalized according to its plan within the timeframe established in June of this year. LakePoint will emerge from bankruptcy on a strong financial footing and a clear path to sustained and stable growth as the premier youth travel sports vacation destination.
The exit caps the end of an exciting year for LakePoint – 2018 saw nearly $8 million invested by Rimrock Capital in real estate at the complex, a record-setting 1.25 million visitor days and 10 percent overall growth, the commencement of a $29 million road-bridge project to open up future development, and hundreds of notable events and tournaments, including the Adidas, Nike and Under Armour national championships, the 2018 Georgia Special Olympics Winter Games, and the USA Cheer and Harlem Globetrotters training camps.
In early December, Rimrock Capital announced a sizeable investment in Prep Baseball Report, which operates hundreds of amateur baseball events in 41 states and Canada and runs the country’s largest and most respected independent baseball scouting service. With Rimrock’s backing, LakePoint and PBR are entering into a long-term partnership to operate LakePoint’s state-of-the-art baseball facilities. The first PBR tournament will be played at LakePoint in the spring of 2019.
“This is a great way to finish out the year with a clean, all equity balance sheet, a strong financial outlook, and tremendous interest from new partners,” said Jeff Bemis with Rimrock Capital. Bemis oversees Rimrock’s controlling stake in LakePoint and is steering LakePoint’s growth strategy. “The new PBR partnership aligns with our goal of integrating sports operations with real estate, capital and strategic partnerships.”
“The reorganization creates financial certainty and stability. We’ve always believed in LakePoint and have invested millions of dollars into this incredible asset. LakePoint has proven itself to be the leading destination for youth travel sports, and is a valuable asset not just to Rimrock, but to greater Atlanta and the Northwest Georgia communities. Now we’re even more confident its best years are ahead,” Bemis said.
“The recapitalization has fortified LakePoint’s financial position and puts LakePoint on an upward trajectory to realize its larger vision. This bodes well for all the local communities and businesses we serve; the athletes and families who achieve their dreams and make memories here; and the coaches, scouts and tournament operators who come to LakePoint to find the best talent and experience,” said Dan Berman with GlassRatner Advisory and Capital Group, who has led the restructuring on behalf of Rimrock.
LakePoint’s proximity to Hartsfield-Jackson International Airport ensures that more than 80 percent of the country is less than a two-hour flight away, furthering the complex’s massive impact on the surrounding area. Athletes travel from across the country to compete in more than 40 sports – from baseball, softball and basketball to gymnastics, cheerleading and sand volleyball – on LakePoint’s state-of-the-art indoor and outdoor facilities. These visits total over one million each year, translating to an estimated $100 Million in economic impact for Emerson, Bartow County, and the surrounding area.
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About LakePoint Sporting Community
LakePoint Sporting Community is the premier sports vacation destination in Emerson, Ga., at Lake Allatoona. The 1,300-acre destination has eight baseball fields, three multi-use fields, Georgia’s first cable wakeboarding venue, 12 basketball courts, 10 beach and 24 indoor volleyball courts, a 175,000-square-foot indoor sports center and seven entertainment venues. Able to accommodate 40 sports, LakePoint opened in 2014 with the goal to make sports safer, smarter and better and to create a destination for the ultimate family vacation. For more information, visit https://www.lakepointsports.com.
About Rimrock
Rimrock Capital is an investment adviser registered with the Securities and Exchange Commission with over $4 billion of assets under management. The majority of Rimrock’s assets are from institutional investors, including pension funds and endowments.
Media Contact
Taylor McKenzie, Jackson Spalding
tmckenzie@jacksonspalding.com
(404) 386-0853
Source: LakePoint Sporting Community
