Investment Summary

MFG Partners, PNC Mezzanine Capital and Centerfield Capital Partners Invest In CST Utilities

On November 17, 2022, private equity firm MFG Partners, mezzanine finance firm PNC Mezzanine Capital and mezzanine finance firm Centerfield Capital Partners invested in utilities company CST Utilities

Investment Highlights
  • This is MFG Partners’ 1st, PNC Mezzanine Capital’s 2nd and Centerfield Capital Partners’ 1st transaction in the Utilities sector.
  • This is MFG Partners’ 6th, PNC Mezzanine Capital’s 71st and Centerfield Capital Partners’ 77th transaction in the United States.
  • This is MFG Partners’ 1st, PNC Mezzanine Capital’s 6th and Centerfield Capital Partners’ 7th transaction in Ohio.

Investment Summary

Date 2022-11-17
Target CST Utilities
Sector Utilities
Investor(s) MFG Partners
PNC Mezzanine Capital
Centerfield Capital Partners
Deal Type Growth Capital

Target

CST Utilities

Grove city, Ohio, United States
website
CST Utilities is a turnkey infrastructure service company providing a range of complementary underground services including excavation, boring, drain cleaning, and other pumping services to public utilities, telecom providers, and other businesses. CST Utilities was founded in 1969 and is based in Grove city, Ohio.

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Investor(S) 3

DESCRIPTION

MFG Partners acquires controlling stakes in founder and family-owned industrial, manufacturing, distribution, and business services companies valued from $25 to $100 million. MFG will consider opportunities throughout North America and looks to collaborate with existing company leadership to identify and execute on growth opportunities and operational initiatives. MFG Partners was formed in 2016 and is headquartered in New York City.


DEAL STATS #
Overall 6 of 6
Sector (Utilities) 1 of 1
Type (Growth Capital) 1 of 1
State (Ohio) 1 of 1
Country (United States) 6 of 6
Year (2022) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-09-27 Mellott

Warfordsburg, Pennsylvania, United States

Mellott provides a full spectrum of integrated aggregates processing services and equipment, including equipment and parts distribution, service and repair, engineering and fabrication, as well as contract crushing. The company partners with a diverse range of top-tier customers and has become the trusted, go-to supplier of processing needs for the industry’s largest aggregates producers. Mellott was founded in 1920 and is based in Warfordsburg, Pennsylvania.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2023-01-25 Storage Solutions

Westfield, Indiana, United States

Storage Solutions is a warehouse integrator that provides solutions for material handling and industrial storage equipment, including design, equipment procurement, and installation. Storage Solutions was founded in 1978 and is based in Westfield, Indiana.

Sell $375M
Investor

PNC Mezzanine Capital

Pittsburgh, Pennsylvania, United States

Investor Investor Investor Investor Investor

website


Category Mezzanine Finance Firm
Founded 1989
PE ASSETS 1.5B USD
Size Large
Type Sector Agnostic
DESCRIPTION

PNC Mezzanine Capital is the subordinated debt investing arm of PNC Bank. PNC Mezzanine looks to provide $10 to $50 million of junior capital to middle-market companies in a variety of industries. Prospective companies generally have revenues of $20 million and EBITDA greater than $4 million. Broad sectors of interest include niche manufacturing, value-added distribution, and business or consumer services. PNC will not invest in early-stage or technology-driven businesses; real estate, commodity-based or capital-intensive companies; businesses with high customer or vendor concentration; or declining businesses. PNC Mezzanine was formed in 1989 and is based in Pittsburgh, Pennsylvania.


DEAL STATS #
Overall 75 of 77
Sector (Utilities) 2 of 2
Type (Growth Capital) 10 of 10
State (Ohio) 6 of 7
Country (United States) 71 of 73
Year (2022) 4 of 4
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2022-08-08 Molded Devices

Tempe, Arizona, United States

Molded Devices is a manufacturer of custom dip molded, dip-coated, and injection molded parts. MDI specializes in short run, small batch, custom molded products primarily for U.S.-based OEM customers in industrial, medical, and consumer end markets. Molded Devices was founded in 1998 and is based in Tempe, Arizona.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2022-12-07 ISG

Indianapolis, Indiana, United States

ISG provides services and parts to critical-to-process industrial rotating equipment for a diversified blue chip customer base comprised mainly of large industrial, power, paper, and energy companies. ISG was formed in 2018 and is based in Indianapolis, Indiana.

Sell -
Investor

Centerfield Capital Partners

Indianapolis, Indiana, United States

Investor Investor Investor Investor Investor

website


Category Mezzanine Finance Firm
Founded 2001
PE ASSETS 1.0B USD
Size Large
Type Sector Agnostic
DESCRIPTION

Centerfield Capital Partners is a private investment firm that provides subordinated debt and equity capital to mid-market companies. Prospective transactions include acquisition financings, management buyouts, shareholder liquidity needs, recapitalizations, corporate divestitures, ESOP financings, and sponsored/unsponsored transactions. Centerfield generally invests in companies with sales of $15 to $100 million and EBITDA of $3 to $15 million. Target sectors include manufacturing, business services, healthcare services, and transportation/distribution. Centerfield will not invest in early stage businesses, turnaround situations, retail, real estate, and finance companies. Centerfield Capital Partners was founded in 2001 and is based in Indianapolis, Indiana.


DEAL STATS #
Overall 77 of 78
Sector (Utilities) 1 of 1
Type (Growth Capital) 11 of 12
State (Ohio) 7 of 7
Country (United States) 77 of 78
Year (2022) 4 of 4
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2022-11-08 Clarion Healthcare

Boston, Massachusetts, United States

Clarion is a life sciences strategy and organizational consultancy that works together with its clients to envision, craft, and enable growth through scientific and commercial innovation and leadership. Across therapeutic categories, the company collaborates deeply with its clients to tackle their most complex cross-functional business challenges and decisions throughout the product and company lifecycle. From start-ups to global multinational companies, Clarion helps assemble and deliver inspired strategies that require creativity, insight, and collaboration. Clarion was founded in 2003 and is based in Boston, Massachusetts.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2023-02-06 Business Solution Partners

Roslyn, New York, United States

Business Solution Partners provides IT services to the middle-market with a strong focus on financial systems implementation. The company specializes in the Oracle NetSuite ERP Platform as a Certified Solution Provider Partner. In addition to NetSuite, it represents a wide array of cloud software solutions across the ERP, CRM, e-Commerce, Fintech and Martech ecosystems. Clients enjoy personalized consulting leading to business process optimization when taking advantage BSP's four primary service areas: Implementation, Custom Development, Software Training, and SaaS Support. Business Solution Partners was formed in 1992 and is based in Roslyn, New York.

Buy -