A Bankers Trust New York Corp. unit recently raised its stake in River City Broadcasting LP, a St. Louis firm that owns radio and television stations.
The $19 million equity infusion was made through BT Investment Partners Inc., a unit of Bankers Trust that invests $80 million to $100 million a year in mature companies.
20% Stake in Company
The new funds brought BT's total investment in the firm to $30 million, or about 20%.
BT Investment Partners made an initial investment in River City of $6.5 million in September 1991. That stake had appreciated to about $11 million before the recent investment.
Boston Ventures, a Boston-based buyout firm, recently put $47.5 million into River City as well.
Debt Reduction Planned
River City will use part of the $66.5 million in new equity to temporarily reduce debt, allowing it to continue to acquire broadcasting companies, said Paul S. Lattanzio, a principal in BT Investment Partners.
River City owns four television stations and two radio stations.
BT Investment Partners was a minority investor in two other deals last week: BFP Holdings Corp.'s purchase of Treasure Chest Advertising Co. and Vestar Capital Partners Inc.'s buyout of La Petite Academy Inc.
