NEW YORK, April 8, 2024 /PRNewswire/ — LO3 Capital, a private investment firm providing transformative capital to lower-middle market companies, announced today a senior subordinated debt investment to support Ex Nihilo Capital (“ENC”) and Tabula Rasa’s acquisition of nine Sky Zone and one Rock N Jump Trampoline Parks. ENC established Tabula Rasa in 2017 and has acquired and built an impressive portfolio of family entertainment centers. Spring Capital, a Baltimore based private investment firm, participated in the investment alongside LO3 Capital.
With the investment from LO3 and Spring Capital, Tabula Rasa is now the largest franchisee of Sky Zone Trampoline Parks with 17 locations operating across 10 states. ENC plans to continue to expand its amusement center portfolio by seeking further acquisitions, mixed with de novo builds.
Glenn Harrison, Managing Director and Co-Founder of LO3 Capital, said, “We strongly believe in ENC and Tabula Rasa’s vision. They have done a great job of operating Sky Zone locations across the country, and we are excited to work with them in the future.”
“We are experienced operators in this space, and we believe the industry is in the early days of its growth. Sky Zone is a great brand that’s doing big things and we’re excited to be part of the growth story, and we couldn’t have asked for better finance partners for the journey. We look forward to continuing to provide a best-in-class experience for our guests” said Roger Duncan, Owner and CEO of Tabula Rasa.
About LO3 Capital
LO3 Capital is a minority-owned private investment firm committed to helping lower-middle market companies grow. The firm has offices in Nashville, New York and Dallas and targets business with over $3 million of EBITDA across a variety of industries. LO3 Capital partners with management teams, business owners, and private equity firms to finance organic growth, acquisitions, recapitalizations, and ownership transitions. LO3 Capital was previously a division of Live Oak Growth Capital and continues to manage the Live Oak Growth Capital funds. For more information, please visit lo3capital.com.
About Spring Capital Partners
Spring Capital Partners (www.springcap.com) was founded in 1999 to provide mezzanine capital to growing small and medium sized businesses. The firm has managed over $600 million of capital and is currently investing out of its fourth fund, Spring Capital Partners IV, a $250 million SBIC. Investments are made in the form of subordinated debt and minority equity, typically in the range of $2 million to $20 million per investment. In addition to investing in change of control/buyout transactions with committed private equity funds and independent sponsors, Spring Capital also provides capital to privately held businesses to support acquisitions, growth, and minority recapitalizations.
SOURCE LO3 Capital LLC
