Fort Knox, Kentucky’s largest paintball game operator, said on Wednesday it will sell its stock for $4,890 a share in an effort to raise $4 billion to buy back stock, which is considered a milestone for the game industry.
The stock, worth about $1.3 billion, represents about 1% of the company’s value, Fort Knox said.
The move comes after several months of uncertainty and turmoil stemming from the bankruptcy of a competitor.
Paintball has struggled in the aftermath of the bankruptcies of the other two companies, including the recent closure of Fort Knox’s new facility in Chattanooga.
The other two operators have moved their stores to other states.
Fort Knox was formed in 2006 by an alliance of former military, law enforcement, and business leaders, who bought a 6,000-square-foot space at the former John W. Moore Air National Guard base in Fort Worth, Texas.
In 2016, the company filed for bankruptcy protection.
Fort Wayne, Indiana-based Paintball Live, which operates a dozen paintball fields across the country, said it plans to sell its $6.6 billion stake in the company.
Pairing Fort Knox with another top-performing paintball company, Northern Kentucky Paintball, is another milestone for paintball.
It said it will be selling its 2.7 million-square foot facility in Fort Wayne to private equity firm Blackstone.
The deal for the Fort Knox facility is expected to close by the end of the year, with a buyer in the next few weeks, the group said.