Prince Sports Management Holdings LLC  completed an $11.67 million equity offering of Class A-1A units as part of a refinancing. The offering was revealed as part of an amended Reg D filing with the SEC.

 

“We refinanced our business, said Prince Sports President and CEO George Napier, in an interview with Sports Executive Weekly. “It was simply fresh private equity money going in.  All good for the company. Gives us the liquidity we need to invest in growth initiatives. Also pays down some debt for a stronger balance sheet.”

 

He said Nautic Partners, its private equity partner, funded the cash infusion and management will be contributing soon. He also said there’s no public element to the refinancing. He said some of the new money was used to pay down debt and a filing might have been required since some of its banks are public.

 

The refinancing comes as Prince Sports restructured some of its operations over the last year.

 

Napier said 2009 was challenging for the company – as it was for many.  We took it as an opportunity to reset our operating model: strengthen our organization, improve processes, drive efficiencies and establish a couple of beachheads by starting up wholly-owned subsidiaries in China and France,” he said. “2010 has started well across a wide spectrum of operating metrics. Were structurally sound and strategically focused. I expect to see modest top-line growth and robust bottom line improvement over the course of the year.”

 

He also said the equipment segment in the tennis industry ” is firming up after a difficult front half last year.  We believe this trend will continue throughout the year.”

 

Nautic Partners, of Providence, RI acquired Prince Sports through an MBO in 2007.