This article is part of a series sponsored by the guarantor of the Old Republic.
From colorful fan gear to delicious barbecue sandwiches, the major league court can be a feast for the senses. There are always a lot of movement on the court, but tourists also like to entertain in the stands.
That’s why stadiums are using state-of-the-art video technology to enhance the fans’ game-day experience. A classic example is PNC Park, the home of Pirates in Pittsburgh.
In 2022, PNC Park decided to upgrade its video production equipment using HD cameras, switchers and wiring. The stadium has recently spent $5.6 million to double the size of the scoreboard and hopes to take advantage of the new showcase premium features.
Texolve Digital Inc. was selected as the $4.3 million project, but requires bonds. What is captured is that the niche company does not conform to the traditional contract guarantor. Still, the Old Republic Guarantor found a way to hit a home run for Texolve Digital and win for PNC Park.
From sticks and bricks to high-tech
Most contractually secured bonds are written for “sticks and bricks” (buildings, roads and bridges) and the contractor provides accounting information for construction to qualify for the bonds.
But what happens when a contractor is not a construction company? Texolve Digital is a nine-person Digital that designs and builds video production systems. Bonding is not the experience Texolve Digital has.
As Kerry Enders, a secured bond manager in the Old Republic, explained: “With regular secured contractors, you are looking for three to four years of construction-oriented financial statements, ongoing work reports and work schedules to see if profits are held.”
But the PNC Park project is different. “The standard work done by completing percentages is insufficient, which is not suitable for such a project,” he said. “We have to look at it differently. We have to focus more on their expertise, their business time, reference and work performance.”
According to Enders, “Texolve Digital is in a very strong financial position, but we want to better understand their work and how they performed on previous projects. It helps us discover that their clients absolutely love them.”
Provide a better fan experience
Texolve Digital already exists in PNC Park, which doesn’t hurt. Since the stadium opened in 2001, the company has provided technical support for every home game. One of the few video system integrators in Pennsylvania, it excels in a specialized field, said Mike Gianutsos, president of TexOvel Digital, which has no more than 20 companies in the United States that can do such jobs.
“The stadiums need our expertise to upgrade their production equipment and provide a better fan experience,” he said. “The equipment is also becoming more complex and expensive. Higher dynamic range, faster frame rates, and 4K resolution – a lot of changes have been made.”
Texolve Digital took a soup approach to its project. “We designed systems tailored to our customers’ requirements and purchased hardware to meet their schedules and budgets. We usually build systems on our own facilities and then mobilize on-site installations.”
For Pirates, this means building and testing the system in the 2022 season. After the season ends, Texolve Digital will control the room ditch and install new equipment and wiring. The project was completed in March 2023.
Build a dream team with the guarantor of the Old Republic
Gianutsos describes his experience as a guarantor in the Old Republic as a “star.” He also paid tribute to Rich Taylor, the guarantor of Pittsburgh ACS Surety Bonds, to house the bond.
“When a guarantee company is willing to say they will stand behind you, if you are unknown, that means a lot,” Gianutsos said. “We proved our capabilities and showed them other work we did. Based on that, they are excellent at delivering the products we need.”
He added that when Texolve Digital bids for similar projects on Penguin’s PPG Paints Arena, there is no doubt that they will call on who to connect. “We said we wanted to do the same thing again among the guarantors of the Old Republic.”
“The guarantors in the Old Republic are very suitable to work with it,” Taylor said. “Not every guarantor is willing to work with Texolve digital numbers, but the guarantors in the Old Republic have stepped up and showed us that they can not only do construction. As a broker, it’s great to know that I have a guarantor and I can rely on that. It’s impressive.”
PNC Park Project is clear at a glance
- $4.3 million in bonds
- Video production system replacement
- Owner: Pirates in Pittsburgh
- Contractor: Texolve Digital Inc, Oakmont, Pennsylvania.
- Agents: Rich Taylor, ACS Surety Bonds, Pittsburgh, PA
- Representative of the Old Republic: Kerry Enders, Bond Manager, Harrisburg, Pennsylvania
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