The Directors of Surf Lakes Global Inc announced the execution of an Engagement Agreement with US Capital Global Partners LLC (USC) as Lead Advisor. USC will conduct Due Diligence, Compliance, Distribution and Marketing Services as defined in the Agreement, with a view to raising US$100m of new Equity and US$40m of Debt to assist SLG in commercialising its proprietary surf lake technology in the US.
Surf Lakes said the terms and conditions of the Agreement are confidential but are considered reasonable for a transaction of this size and scope.
“We are very pleased to have an investment bank of the size, experience and success of US Capital on our team,” said Troy Warfield, CEO of Surf Lakes. “To combine the required capital, with the unique, patented design of the Surf Lakes technology and the unparalleled business model that Surf Lakes offers, as well as the number of licensees and company locations currently under review, should augur well for the future, and make Surf Lakes the premier surf park operator in the not-too-distant future,”
According to the website, US Capital provides financing solutions for small and lower middle market companies. The firm reports involvement in more than $25 billion in completed transactions across debt and equity markets. US Capital operates from 10 U.S. offices and 11 international locations.
“As a surfer of over 35 years, I am the target market,” said Ish Spencer, managing director and partner at US Capital Global Partners. “As a surfer of over 35 years, I am the target market. As a developer of 25 years, I know what it takes to build a project. As a firm specializing in unique alternatives over 27 years, we are ready to raise capital for a project that provides more waves at better cost/wave, with a variety of wave quality for beginner/intermediate/expert.”
Surf Lakes gained worldwide recognition with its iconic plunger wave-making system. Created in Australia by Aaron Trevis, the company is now a Delaware-based technology firm. The company claims its patented design enables high-volume wave production, consistent offshore conditions, and multiple surf breaks accommodating different skill levels simultaneously.
Surf Lakes also promotes its design as competitive within the surf park market due to potential real estate and revenue diversification.
