CHICAGO, IL – May 10, 2011 – (Motor Sports Newswire) – Livingstone, the leading independent international investment banking firm, is pleased to announce the successful recapitalization of its client, Genuine Scooters, LLC (“Genuine Scooters” or “Genuine”) and its parent Scooter Works USA, Inc. (“Scooterworks”), collectively the “Company”, by Chicago Associates, Inc., a private investment company. Livingstone acted as exclusive financial advisor to the Company. Terms of the deal were not disclosed.
Genuine Scooters, headquartered in Chicago, IL, is a nationally renowned recreational scooter company that has emerged as the American scooter company with its flagship brands Buddy and Stella and its reputation for quality and customer service. The Company also sells scooter parts and accessories, and operates a scooter dealership in Chicago, under the names Scooterworks USA and Scooterworks Chicago, respectively.
Phil McCaleb, the Company’s Founder and CEO, said “Livingstone understood the brand value of Genuine Scooters. They positioned us to secure the equity we needed to continue to grow and compete with the big guys and had our backs at every turn.”
“Genuine Scooters is a great company with an extremely bright future” said Livingstone Director Joe Greenwood. “Despite the challenging market conditions of the past several years, the Genuine management team has done a tremendous job positioning the Company at the forefront of the American scooter market.”
The Genuine closing represents another successful transaction for Livingstone’s special situations practice representing branded consumer product companies with unique capital needs. In the last year, Livingstone also advised Fundex Games, Ltd. and Swisher Mower & Machine Company, Inc.