Chicago, IL - Capstone Partners LLC, a national investment banking advisory firm, announced that it has successfully advised Manaco, Inc. on its sale of US Motorsports Corporation, a holding company that owns and operates the Iowa Speedway. Capstone served as the exclusive financial advisor to the Manatt family, which owns Manaco. The terms of the transaction were not disclosed.
Manaco, Inc. is a Brooklyn, Iowa-based road construction company. It helped build the Iowa Speedway and has been the primary investor since the track opened in 2006. The Manatt family’s objective was to transfer controlling interest within five years of the track being built and the sale of the Speedway marks the culmination of the Manatt’s original exit strategy. Conrad Clement, the former president and CEO of Featherlite trailers, and his family purchased the raceway.
Commenting on the sale, Brad Manatt, President of Manaco, stated, “It was our privilege to help build the track five years ago, and like a proud parent, we’ve enjoyed watching it thrive and grow – and we’ll continue to do so from the stands.” Manatt added, “We wish great success to Iowa Speedway and the Clement family.”
The Capstone M&A team of Ted Polk, Managing Director, and Lisa Tolliver, Director (both based in Chicago, Illinois), managed the transaction on behalf of the seller. “We are pleased to assist our client, the Manatt family, in its goal of transitioning this business to a new owner,” said Ted Polk. “This was an exciting transaction to be involved with and we are proud to have played a role in furthering the legacy of racing in the Midwest region.”
US Motorsports Corporation owns and operates Iowa Speedway, a state-of-the-art, 7/8-mile asphalt paved tri-oval race track and motorsports facility. The venue is located in Newton, Iowa, 30 miles east of Des Moines, Iowa. The track was designed by former NASCAR Champion Rusty Wallace, now an anchor and analyst for ABC-TV/ESPN. Iowa Speedway was designed for year-round use and includes 25,000 permanent grandstand seats. It was the first track in the world to protect fans and drivers through the use of SAFER barrier technology surrounding the entire perimeter of the track.