Boot Hill Casino Manager equity interest acquired by Butler National
The deal has been completed for approximately $16.4m.
The Butler National Corporation, a provider of gaming management services, has closed the purchase of Boot Hill Casino Manager, becoming the sole owner of the company.
The finalization of the agreement between the two entities has been confirmed today after the Kansas Racing and Gaming Commission approved the transaction on October 15, 2021.
Butler National has purchased 2,000 Class A Preferred Membership Units from Boot Hill Casino Investment Company for a fee estimated to be $16.4m including taxes.
To pay for this deal, Butler National has utilized the company’s funds and leveraged $8m of commercial bank debt.
According to Butler National, this strategic transaction will allow the gaming group to grow its future development opportunities, creating a clear path forward to achieve its and the state of Kansas’ goals while also benefiting the company’s shareholders.
Clark Stewart, president and CEO of Butler National said: “We have worked diligently to reach our goal of owning all the equity of the Boot Hill Casino manager, BHCMC. The sole Butler ownership of BHCMC achieves a significant milestone for all Butler National shareholders. We appreciate the advice, assistance and participation of our business partner, BHC Investment Company, LC. They were essential in the development of the Boot Hill Casino and casino gaming in Kansas.”
Outside of gaming, Butler National operates in the aerospace industry, focusing on Learjets, Beechcraft King Air and Cessna turbine engines. The group also runs a number of Federal Aviation Administration Repair Stations.
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