M&A Deal Summary

Rising Point Capital, Medallion Capital and Spring Capital Partners Acquire PirTano

On August 24, 2021, private equity firm Rising Point Capital, mezzanine finance firm Medallion Capital and mezzanine finance firm Spring Capital Partners acquired construction company PirTano

Acquisition Highlights
  • This is Rising Point Capital’s 1st, Medallion Capital’s 1st and Spring Capital Partners’ 1st transaction in the Construction sector.
  • This is Rising Point Capital’s 4th, Medallion Capital’s 9th and Spring Capital Partners’ 38th transaction in the United States.
  • This is Rising Point Capital’s 2nd, Medallion Capital’s 1st and Spring Capital Partners’ 1st transaction in Illinois.

M&A Deal Summary

Date 2021-08-24
Target PirTano
Sector Construction
Buyer(s) Rising Point Capital
Medallion Capital
Spring Capital Partners
Deal Type Recapitalization
Advisor(s) Hyde Park Capital Advisors LLC (Financial)

Target

PirTano

Addison, Illinois, United States
PirTano is a multi-dimensional construction company that provides underground utilities, roads, and site development as a full-service prime contractor for residential home builders, commercial developers, municipalities, departments of transportation, and tollway authorities. PirTano was founded in 1982 and is based in Addison, Illinois.

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Buyer(S) 3

DESCRIPTION

Rising Point Capital is a private investment firm focused on acquiring service based companies throughout the US. Specific service areas of interest include industrial, energy, logistics, infrastructure, home, waste, distribution, and facility maintenance. The Firm will consider majority or minority positions in profitable businesses with at least $10 million in revenue and $2 million of EBITDA. Rising Point Capital is based in Chicago, Illinois.


DEAL STATS #
Overall 4 of 5
Sector (Construction) 1 of 2
Type (Recapitalization) 1 of 1
State (Illinois) 2 of 2
Country (United States) 4 of 5
Year (2021) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2020-05-08 Conco

Verona, Pennsylvania, United States

Conco is a provider of low-pressure, mechanical heat exchanger tube cleaning and non-destructive testing services to power generation and industrial companies. Conco’s proprietary product applications result in significant cost savings for its customers through immediate improvements in plant heat transfer rate, megawatt output, fuel consumption, and CO2 emissions, while reducing water usage, time, and expense in the cleaning process. Conco was founded in 1923 and is based in Verona, Pennsylvania.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2022-05-18 Fairway Lawns

Little Rock, Arizona, United States

Fairway Lawns is a provider of residential lawn treatment and pest control services. The Company currently serves over 40,000 customers from 12 lawn treatment locations and 2 pest control locations across six states (AL, AR, GA, OK, SC, TN). Fairway Lawns was formed in 1979 and is based in Little Rock, Arizona.

Sell -
DESCRIPTION

Medallion Capital is an investment firm that offers subordinated debt to help support a variety of transaction situations including buyouts, acquisition financings, recapitalizations, and expansions. The Firm targets established companies with at least $10 million in revenue and at least $2 million in cash flow. Medallion is a generalist investor, however the Firm will not invest in information technology, life science, real estate, entertainment, or finance companies. Medallion does not provide seed capital or start-up funding. Medallion Capital is based in Burnsville, Minnesota and is a subsidiary of New York-based Medallion Financial Corp.


DEAL STATS #
Overall 9 of 9
Sector (Construction) 1 of 1
Type (Recapitalization) 2 of 2
State (Illinois) 1 of 1
Country (United States) 9 of 9
Year (2021) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2020-02-19 Animal Adventure

Hopkins, Minnesota, United States

Animal Adventure, Inc. is a designer and manufacturer of plush products for the children’s, baby, pet, and water toy markets. Animal Adventure was established in 1998 and is based in Hopkins, Minnesota.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2022-05-09 Liberty Greenleaf

Phoenix, Arizona, United States

Liberty Greenleaf is a specialty converter and distributor of thermal paper. Liberty Greenleaf provides customized solutions to its customers across a variety of end markets, including restaurants, point-of-sale, and gaming. Liberty Greenleaf was founded in 1987 and is based in Phoenix, Arizona.

Sell -
Buyer

Spring Capital Partners

Lutherville, Maryland, United States

Investor Investor


Category Mezzanine Finance Firm
Founded 1999
PE ASSETS 600M USD
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

Spring Capital Partners is a mezzanine finance provider for small to medium-sized businesses. Spring invests $2 to $20 million, primarily in the form of subordinated debt with equity features in each transaction. The Firm does not have an industry focus. Spring Capital looks for businesses located in the Mid-Atlantic US with revenues between $10 and $150 million. Spring Capital Partners was formed in 1999 and has offices in Baltimore, Maryland and Radnor, Pennsylvania.


DEAL STATS #
Overall 38 of 44
Sector (Construction) 1 of 1
Type (Recapitalization) 9 of 10
State (Illinois) 1 of 1
Country (United States) 38 of 44
Year (2021) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-02-03 eServices

Glen Allen, Virginia, United States

eServices is an energy management company servicing the natural gas needs of marketers, utilities, small and mid-sized commercial/industrial firms, and producers in the Southeast and mid-Atlantic regions of the United States. eServices was founded in 2008 and is based in Glen Allen, Virginia.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-10-05 Green Cloud Defense

Greenville, South Carolina, United States

Green Cloud Defense is an independent channel-only cloud Infrastructure-as-a-Service (IaaS) provider. Green Cloud Defense is based in Greenville, South Carolina.

Sell -