Producer Daniel Thompson Announces Sale of Iconic IndieLounge to Private Equity Group
Daniel Thompson sells popular Sundance Film Festival IndieLounge for hefty sum.
PR9.NET October 24, 2017 - Park City Utah - Producer and Entrepreneur Daniel Thompson announced he 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, Visionary of Power & Industry?, the Lounge quickly became a destination for celebrity guests and influencers attending North America?s most recognized film festival.
In an emotional Facebook Live broadcast Sunday, Thompson recounted various highlights of his teams seven-year ?adventure? navigating the intricacies of producing one of the Sundance Festival?s most popular Lounges. ?I have had the honor of working with and meeting the most remarkable people because of IndieLounge.? Thompson said. ?I will always be grateful for opportunity Sundance gave me, thank you everyone for being a part of something so epic.?
Speculation of a sale have been rumored for months 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 Lounges who have maintained a platform for apiring filmmakers to interact and engage with seasoned professionals.? Barker said. Frequent guests of IndieLounge, among others, have included Nicole Kidman, Hugh Jackman, Jack Black, Harry Hamlin, Kevin Bacon, Don Cheadle, Kristen Stewart, Keanu Reeves and Bill Pullman.
Power & Industry? expects to use the proceeds from the sale to further strengthen its balance sheet and expand its film production interests throughout the US. Reuters values the acquisition of IndieLounge at a quarter of a million dollars including contracted sponsors, business agreements, contact lists and the only privately controlled theater on Main Street. Thompson ended Sunday?s broadcast by crediting the Sundance Institute for their film emersion programs and then individually thanking those who helped IndieLounge succeed.
Stacey Barker ? Jade Umbrella
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