The End of an Era, Power & Industry®
Announces the Sale of IndieLounge to Private Equity Group.
Park City Utah, April 6th, 2017 – Power & Industry® today announced it has entered into a definitive agreement to sell IndieLounge, a wholly owned subsidiary of Power & Industry, to a Los Angeles based private equity group.
The IndieLounge, most notable for its Gifting Suite and Hospitality Oasis during the Sundance Film Festival, began on Park City’s Main Street in January 2011. Created by Daniel Thompson, Managing Partner of Power & Industry®, the Lounge quickly became a destination for celebrities and influencers attending Sundance. Thompson helmed the expansion from its start in a condo at the Caledonian Hotel to what is now the Festival’s largest Gifting Suite. In an emotional Facebook Live broadcast Thompson recounted various highlights of his teams seven-year “adventure” navigating the intricacies of Hosting such a Lounge at Sundance. “I have had the honor of working with and meeting the most remarkable people because of the Lounge.” Thompson said. “I will always be grateful for that opportunity.”
Speculation of a sale have been rumored for weeks among entertainment professionals as IndieLounge dominated the 2017 festival season. Recording historic numbers, hosted events, and gifting partners, while garnering the attention of worldwide news outlets listing IndieLounge in the Top 10 attractions to visit during the Festival. Stacey Barker, Publicist for the Lounge, contributes much of the IndieLounge’s success to the principle of remaining loyal to the true “Indie” Filmmaker. “We are one of the few who maintain a platform for beginning filmmakers to interact and engage with seasoned professionals.” Barker said.
Power & Industry® expects to use the proceeds from the sale to further strengthen its balance sheet and expand its commercial production interests throughout the US. Reuters values the acquisition of IndieLounge at a quarter of a million dollars including contracted sponsors, occupancy agreements, contact lists and the only privately controlled theater on Main Street.