PlayCore Has New Owner

Friday, May 30, 2014

Private equity firm Irving Place Capital announced the sale of PlayCore, a Chattanooga-based designer and manufacturer of a broad range of playground and recreational equipment, to Sentinel Capital Partners. The transaction closed Friday, and terms of the deal were not disclosed.

Douglas Korn, a senior managing director of IPC, stated, “We have enjoyed working alongside PlayCore’s talented management team to strengthen the business and position PlayCore as not only the innovative leader in its markets, but also as the acquirer of choice. PlayCore has achieved impressive growth in revenues and profits for the benefit of its management, employees, customers and investors. We wish the company continued success.”

PlayCore’s President and CEO Bob Farnsworth said, “We have appreciated our partnership with Irving Place Capital, whose expertise and resources helped PlayCore execute strategic acquisitions, accelerate new product development, and build the PlayCore brand. We look forward to our next chapter as we remain focused on innovative design and expanding our existing businesses while continuing to acquire new ones.”

Irving Place Capital completed the acquisition of PlayCore in February 2007. Under IPC’s ownership, PlayCore successfully executed on a strategic plan to drive growth both organically and through compelling acquisitions. During this period, PlayCore completed nine strategic acquisitions, further strengthening the company’s brand portfolio and enhancing its product offering, entering new end markets, and expanding PlayCore’s reach to a broader customer base.

Irving Place Capital was advised on the sale of PlayCore by Robert W. Baird & Co. and Kirkland & Ellis LLP, and PlayCore was advised by Miller & Martin PLLC.


Miller And Martin Names Nashville Attorney To Head Health Care Practice Group

Miller & Martin PLLC announced that Nashville attorney David Lewis will head the health care practice group for the southeast firm, according to Jim Haley, chairman. Mr. Lewis joined Miller & Martin’s Nashville office in May after serving as the vice president and associate legal counsel at LifePoint Hospitals in Brentwood.  He will be responsible for the ongoing ... (click for more)

Michael Williams Has Law License Suspended

Michael Gregory Williams, of Hamilton County, was suspended from the practice of law on Thursday by Order of the Tennessee Supreme Court for four years.  The suspension will begin on Nov. 9. A Petition for Discipline was filed on Oct. 30, 2013, alleging that Mr. Williams had misappropriated funds from an estate for which he had been appointed administrator and had failed ... (click for more)

Chickamauga Lock To Reopen As Soon As Next Thursday

The U.S. Army Corps of Engineers Nashville District  plans to reopen Chickamauga Lock to all navigation traffic as early as next Thursday. An inspection of the upper gate anchorage and a repair plan were completed today. Chickamauga Lock closed on Monday after a routine inspection revealed a crack in the anchorage of the upper gate. Lt. Col. John Hudson, commander ... (click for more)

Downtown Chattanooga Apartment Complex That Brought $3 Million Profit Exempt From Most Taxes Until 2022 Under PILOT

A downtown Chattanooga apartment complex that recently was sold at a $3 million profit is exempt from most property taxes through 2022 under a PILOT (payment in lieu of taxes) agreement.   No payment of school taxes was included in the deal for Walnut Commons at Walnut Street and Aquarium Way.   The only taxes due on the property for the next eight ... (click for more)

A Vote For Education Is Critical In Tennessee

In a state where just 28 percent of eighth graders are proficient in math and 33 percent are proficient in reading according to national assessments, education is deserving of more attention in 2014 elections. Across the country, more parents are making informed decisions about their child’s education, but for Volunteer State parents without resources, choices are difficult to come ... (click for more)

Roy Exum: Saban: ‘Ratings Don’t Matter’

When the first College Football Playoff rankings were released earlier this week, Alabama football coach Nick Saban got it right on the button when he shrugged, “I don't even care, to be honest with you." "To me, none of it matters, What does it matter?” he laughed at the Tide’s No. 6 ranking. “I mean, it only matters where you end up at the end. So what matters to us is how ... (click for more)