An investor group that includes senior management of United Tote and New York-based Kinderhook Industries, completed a management-led buyout of the totalizator company from International Games Technology.
Terms of the deal were not disclosed. Kinderhook is a private equity investment firm that specializes in acquiring non-core divisions of large public companies, according to a United Tote press release.
"We are excited to have a financial partner in Kinderhook that shows the same vision for the pari-mutuel services industry and provides us the financial strength and flexibility to implement our growth strategy," said Joe Tracy, chief executive officer of United Tote. "We see tremendous opportunities to implement new ideas, innovative customer interfaces and other applications aimed at enriching the total pari-mutuel experience."
Said Robert Michalik, a partner in Kinderhook: "The pari-mutuel industry is on the cusp of change and we feel that United Tote's proprietary research and development will allow them to remain at the industry's technological forefront."