Motor sports, Broadcasting/production/syndication, Licensing/sponsorships, Retail

$200M Revenue

Company Overview

This Motorsports Entertainment Company primarily operated a speedway and a car racing series.

The conglomerate also operated a food ingredient processor and a TV sports production company.

Engagement Overview

The Company had been generating losses for numerous years with those losses being funded by the sale of operating assets and additional borrowings.

The Company had over $100 million in senior debt and was below 1.0x Debt Service Coverage.

The CEO had recently resigned, resulting in turnover within the Company, and tension amongst the family board members.

Fort Dearborn provided strategic direction to the new CEO and a plan to bring the Company to profitability within three years.

Fort Dearborn assisted in de-leveraging the Company’s balance sheet by $75 million and negotiated a new working capital line of credit with the Company’s lender.

Fort Dearborn facilitated the transition of the Board of Directors from family members to non-family professionals.

Results

Fort Dearborn assisted the Company in developing a multi-year strategic plan providing a pathway to profitability.

Fort Dearborn recommended a significant reduction in force, reduction in operating expenses, and a reorganization of senior management.

Over a three-year period, the Company improved EBITDA by over $30 million.

FDP News

Jan - 25

FDP Advises Northern Wholesale Supply

Fort Dearborn Partners ("FDP" or "Fort Dearborn") is pleased to announce that we served as the sole financial advisor and investment banker to Northern... Read More

Oct - 23

Max Bechtel and Austin Curtis join Fort Dearborn Partners

Please join us in welcoming the newest members of the Fort Dearborn Team, Max Bechtel and Austin Curtis.

Read More