LakePoint has emerged from bankruptcy in what they describe as a strong financial footing and clear path to sustained and stable growth.
In 2018 Rimrock Capital invested nearly $8 million 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, according to a press release.
According to the press release:
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.