M&A Deal Summary

Bluejay Capital, Southfield Mezzanine Capital, Parkway Capital and Pine Street Capital Partners Acquire Pacific West

On December 22, 2021, merchant bank Bluejay Capital, mezzanine finance firm Southfield Mezzanine Capital, mezzanine finance firm Parkway Capital and mezzanine finance firm Pine Street Capital Partners acquired construction company Pacific West

Acquisition Highlights
  • This is Bluejay Capital’s 1st, Southfield Mezzanine Capital’s 1st, Parkway Capital’s 2nd and Pine Street Capital Partners’ 1st transaction in the Construction sector.
  • This is Bluejay Capital’s 2nd, Southfield Mezzanine Capital’s 14th, Parkway Capital’s 17th and Pine Street Capital Partners’ 42nd transaction in the United States.
  • This is Bluejay Capital’s 1st, Southfield Mezzanine Capital’s 3rd, Parkway Capital’s 1st and Pine Street Capital Partners’ 1st transaction in Utah.

M&A Deal Summary

Date 2021-12-22
Target Pacific West
Sector Construction
Buyer(s) Bluejay Capital
Southfield Mezzanine Capital
Parkway Capital
Pine Street Capital Partners
Deal Type Buyout (LBO, MBO, MBI)

Target

Pacific West

Salt Lake City, Utah, United States
Pacific West is an industrial and mechanical contracting firm that provides a wide range of services to clients including the construction of railroad locomotive fueling facilities, rail yard air brake networks, wastewater treatment facilities, above and below ground mechanical facilities and security fencing. Additional services include 24/7 emergency response assistance, environmental remediation work, trenchless pipe activity, vacuum truck resources and a variety of ongoing maintenance services. Pacific West was founded in 1988 and is based in Salt Lake City, Utah.

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Buyer(S) 4

DESCRIPTION

Bluejay Capital is a merchant bank that invests in and provides M&A advisory services to companies operating in the transportation and logistics sectors. The Firm's investment unit looks to partner with founder-owned businesses throughout North America with $3 to $15 million of EBITDA and valued up to $120 million. Specific areas of interest include trucking, freight rail, rail services, ports/terminals, tech-enabled services, distribution, and logistics services. Bluejay Capital is based in Jacksonville Beach, Florida.


DEAL STATS #
Overall 2 of 4
Sector: Construction M&A 1 of 1
Type: Buyout (LBO, MBO, MBI) M&A Deals 2 of 3
State: Utah M&A 1 of 1
Country: United States M&A 2 of 3
Year: 2021 M&A 2 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-04-28 The Assembly Authority

Naperville, Illinois, United States

The Assembly Authority specializes in providing assembly and installation of outdoor, recreational, leisure time, and fitness products for consumers and commercial customers alike. The Assembly Authority is based in Naperville, Illinois.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2022-11-29 BWT Logistics

Smyrna, Georgia, United States

BWT Logistics is a third-party logistics provider specializing in comprehensive, client-focused solutions, including transportation, warehousing and storage, logistics handling, and other services. BWT Logistics is based in Smyrna, Georgia.

Buy -
DESCRIPTION

Southfield Mezzanine Capital is a mezzanine finance provider that looks to invest $5 to $20 million to support profitable ($3+ million of EBITDA) manufacturing, business services, and distribution companies across the US. Prospective transaction situation include acquisition financings, growth capital financings, and recapitalizations. Southfield Mezzanine Capital was formed in 2013 and is headquartered in Greenwich, Connecticut.


DEAL STATS #
Overall 14 of 16
Sector: Construction M&A 1 of 1
Type: Buyout (LBO, MBO, MBI) M&A Deals 6 of 6
State: Utah M&A 3 of 3
Country: United States M&A 14 of 16
Year: 2021 M&A 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-11-01 Lignetics

Broomfield, Colorado, United States

Lignetics is a residential wood pellet manufacturing company in the U.S. The company’s innovative eco-friendly offering includes premium wood pellets for super-efficient home heating, barbecue pellets that naturally seal in perfect wood-fired flavor, and a superior all-natural high-performance cat litter. The company delivers these innovative all-natural products through national retail partners and directly to consumers via the only national network of wood pellet manufacturing plants spread across the U.S. and Canada with 22 different plant locations. Lignetics was founded in 1983 and is based in Broomfield, Colorado.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2022-01-06 REIC

Kalispell, Montana, United States

REIC is an equipment rental company that provides construction and industrial equipment for rent, as well as used equipment for sale. The Company operates equipment rental stores throughout the Mountain West region of the United States. REIC was founded in 2014 and is based in Kalispell, Montana.

Sell -
Buyer
DESCRIPTION

Parkway Capital is the mezzanine finance unit of Calvert Street Partners. Parkway's investments typically take the form of subordinated debt, which can be combined with a junior secured loan or preferred stock. If an opportunity calls for common equity, Parkway can also co-invest with other shareholders. Parkway looks to commit $3 to $12 million of capital per transaction in companies with at least $10 million in revenue and EBITDA in excess of $2 million. Funds are generally used to support business expansions, corporate acquisitions, leverage buyouts, recapitalization, ownership transfers, and 'wealth diversification'. Parkway Capital was formed in 2000 and became a unit of Calvert Street in 2019.


DEAL STATS #
Overall 18 of 30
Sector: Construction M&A 2 of 2
Type: Buyout (LBO, MBO, MBI) M&A Deals 11 of 12
State: Utah M&A 1 of 1
Country: United States M&A 17 of 29
Year: 2021 M&A 4 of 4
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-09-30 Dealer Solutions & Design

Duluth, Georgia, United States

Dealer Solutions & Design is a provider of the automotive fixed operation approach to design and outfitting fixed operations facilities with shop equipment for new and renovated automobile dealerships. DSD has now been involved in over 700 facility projects. Dealer Solutions & Design was founded in 2005 and is based in Duluth, Georgia.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2022-02-16 Imagine Technology Group

Chandler, Arizona, United States

Imagine Technology Group provides document management solutions, workflow improvements, Multi-function devices, VoIP phone systems, digital signage, managed network services, and IT Solutions. Imagine Technology Group was founded in 2011 and is based in Chandler, Arizona.

Buy -
Buyer

Pine Street Capital Partners

Albany, New York, United States

Investor Investor Investor Investor Investor


Category Mezzanine Finance Firm
Founded 2004
PE ASSETS 425M USD
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

Pine Street Capital Partners provides mezzanine capital to small and medium-sized private and public companies. PSCP will consider investments from $3 to $15 million in companies generating at least $10 million of sales. Target sectors include manufacturing, business services, consumer products, healthcare and media. PSCP prefers investments in the Northeast and Mid-Atlantic regions of the US, but will consider opportunities nationwide. Investment funds are typically used to support strategic acquisitions, growth, management and employee buyouts, and leveraged recapitalization. PSCP will not invest in the real estate, biotech and oil & gas industries. Pine Street Capital Partners was formed in 2004 and is based in Albany, New York.


DEAL STATS #
Overall 42 of 49
Sector: Construction M&A 1 of 1
Type: Buyout (LBO, MBO, MBI) M&A Deals 16 of 18
State: Utah M&A 1 of 1
Country: United States M&A 42 of 49
Year: 2021 M&A 5 of 5
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-11-22 Renovation Brands

Florence, Alabama, United States

Renovation Brands is a distributor and retailer of electric fireplaces, electric heating appliances, customized fireplace mantels, and outdoor heating products. Renovation Brands was founded in 2002 and is based in Florence, Alabama.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2022-01-20 SST Conveyor Components

Loveland, Ohio, United States

SST Conveyor Components is a designer and manufacturer of specialized conveyor components serving the material handling, distribution, and conveyor systems integration markets. SST Conveyor produces high-quality straight, tapered, grooved, and custom rollers, bearing assemblies, and pulleys tailored to meet the unique requirements of each customer. SST Conveyor Components was founded in 1957 and is based in Loveland, Ohio.

Sell -