Action Target Inc. Recapitalization of Balance Sheet through Zions Bank, Praesidian Capital and a Subsidiary Partner of Kemper Corporation
PROVO, Utah – Action Target Inc. (“Action Target”, “ATI”, or “the Company”) is proud to announce the successful completion of its recapitalization of the ATI balance sheet on December 23, 2015. Zions Bank (“Zions”), a leader in small business lending, will continue to partner with ATI as the senior lender.
Additionally, Action Target is pleased to welcome Praesidian Capital (“Praesidian”), a leading provider of senior and subordinated debt capital, who has partnered with a subsidiary of Kemper Corporation (NYSE: KMPR) on a senior mezzanine debt facility.
Delighted that its business model has appealed to investors, Action Target looks forward to its future growth potential. Indeed, the recapitalization will support Action Target as the Company continues managing the growth of its traditional portfolio while also implementing its new product strategy and exploring new business opportunities.
Action Target CEO Michael Birch declared that “ATI has been fortunate to have the support and guidance of Dubin Clark over the past seven years. We are pleased to have the new participation of Praesidian and Kemper on the balance sheet recapitalization that strengthens our financial foundation as we focus on achieving our long-term goals.”
About Action Target Inc.
Action Target Inc. is a privately owned business headquartered in Provo, Utah. The US market leader for shooting range technology, Action Target’s key markets include commercial, law enforcement and military. With over 4,000 products and 40 patents for the systems it designs and manufactures, Action Target differentiates itself from its competitors with its unique start-to-finish approach from design and engineering to manufacturing and installation. Action Target also designs systems and conducts firearms training for law enforcement and various military divisions. For more information, visit www.actiontarget.com.
About Zions Bank
Zions Bank, a subsidiary of Zions Bancorporation (NASDAQ: ZION), is Utah’s oldest financial institution and operates 124 full-service financial centers in Utah, Idaho Jackson, Wyoming. In addition to offering a wide range of traditional banking services, Zions Bank is also a leader in small business lending and has consistently ranked as the No. 1 lender of U.S. Small Business Administration 7(a) loans in Utah for the past 22 years and Idaho’s Boise District for the past 14 years. Founded in 1873, Zions Bank has been serving the communities of the Intermountain West for more than 140 years. Additional information is available at www.zionsbank.com.
About Praesidian Capital
Praesidian Capital is an innovative private investment firm focused on providing senior and subordinated debt along with growth capital to private lower middle market businesses in the United States, United Kingdom, Germany, and selectively in Northern Europe. Praesidian invests in established small and mid-sized companies, often in connection with management buyouts, recapitalizations and refinancings. Based in New York City with an office in London, Praesidian manages nearly $1 billion in committed capital. For more information, visit www.praesidian.com.
About Kemper
The Kemper family of companies is one of the nation’s leading insurers. With $8 billion in assets, Kemper is improving the world of insurance by offering personalized solutions for individuals, families and businesses. Kemper's businesses collectively:
- Offer insurance for home, auto, life, health and valuables;
- Service six million policies;
- Are represented by 30,000 agents and brokers;
- Employ 6,000 associates dedicated to providing exceptional service; and
- Are licensed to sell insurance in 50 states and the District of Columbia.
Through the parent company and its subsidiaries, Kemper invests in various public and private asset classes including private credit strategies. Kemper will partner with traditional private credit fund managers and also look to do direct co-investments alongside those managers. Kemper currently has more than $400 million dedicated to this strategy. To learn more about Kemper, visit www.kemper.com.
About Dubin Clark
Dubin Clark & Company, founded in 1984, is a private equity investment firm whose sole activity is buying and building businesses in partnership with their management teams. Dubin Clark is a long-term investor, dedicated to creating value by helping companies grow. The firm does this through a coordinated approach that includes providing the capital necessary to support internal growth, completing add-on acquisitions to build market share, and helping to develop new strategies for the future, while protecting the independence, culture and values that made the company successful. Further information is available at www.dubinclark.com.
