Investment Summary

Spring Capital Partners, Hemingway Capital and Parkway Capital Invest In Chibuzo

On October 27, 2023, mezzanine finance firm Spring Capital Partners, private equity firm Hemingway Capital and mezzanine finance firm Parkway Capital invested in manufacturer Chibuzo

Investment Highlights
  • This is Spring Capital Partners’ 2nd, Hemingway Capital’s 2nd and Parkway Capital’s 4th transaction in the Manufacturing sector.
  • This is Spring Capital Partners’ 44th, Hemingway Capital’s 3rd and Parkway Capital’s 23rd transaction in the United States.
  • This is Spring Capital Partners’ 2nd, Hemingway Capital’s 1st and Parkway Capital’s 1st transaction in Arkansas.

Investment Summary

Date 2023-10-27
Target Chibuzo
Sector Manufacturing
Investor(s) Spring Capital Partners
Hemingway Capital
Parkway Capital
Deal Type Growth Capital

Target

Chibuzo

Fort Smith, Arkansas, United States
Chibuzo is a flexible manufacturer of custom, high-mix pallets, crates, grade stakes, mulch, shavings, and sawdust. Consisting of two operating entities, General Pallets & Crates and Southland Manufacturing, Chibuzo specializes in new wood pallets and crating, providing high quality products and value-added services. Chibuzo is based in Fort Smith, Arkansas.

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Investor(S) 3

Investor

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 44 of 45
Sector (Manufacturing) 2 of 2
Type (Growth Capital) 16 of 16
State (Arkansas) 2 of 2
Country (United States) 44 of 45
Year (2023) 4 of 5
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2023-10-04 Architectural Polymers

Palmerton, Pennsylvania, United States

Architectural Polymers is a manufacturer and designer of urethane (rubber) and plastic molds, or form liners, that are used in pre-cast, tilt-up, and pour-in-place concrete construction applications to create textures, patterns, graphic designs and embedded thin brick surfaces on concrete walls. Architectural Polymers was founded in 1992 and is based in Palmerton, Pennsylvania.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2023-12-07 4AllPromos

Essex, Connecticut, United States

4AllPromosis a direct marketer of promotional products that sells products online with order customization and fulfillment taking place through a network of third-party suppliers. 4AllPromosis is based in Essex, Connecticut.

Buy -
DESCRIPTION

Hemingway Capital is a private equity firm focused on investing lower middle-market manufacturing and industrial technology/services companies. The Firm targets US-based profitable businesses ($3 to $10 million of EBITDA) operating in defensible markets. Prospective transaction situations include buyouts, divestitures, family successions, recapitalizations, and turnarounds. Hemingway Capital was established in 2018 and is headquartered in New York City.


DEAL STATS #
Overall 3 of 3
Sector (Manufacturing) 2 of 2
Type (Growth Capital) 2 of 2
State (Arkansas) 1 of 1
Country (United States) 3 of 3
Year (2023) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2022-03-15 GTA Containers

South Bend, Indiana, United States

GTA is a manufacturer of flexible containers and secondary containment systems, tactical fuel and water systems, and vehicle covers, liners, and doors for military and commercial applications. GTA Containers was founded in 1988 and is based in South Bend, Indiana.

Buy -
Investor
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 24 of 26
Sector (Manufacturing) 4 of 5
Type (Growth Capital) 7 of 7
State (Arkansas) 1 of 1
Country (United States) 23 of 25
Year (2023) 5 of 5
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2023-10-10 Peachey Hardwood Flooring

Reedsville, Pennsylvania, United States

Peachey Hardwood Flooring manufactures premium hardwood flooring and related millwork products. The Company offers handcrafted custom products across a broad selection of species, widths, cuts, stains, and finishes to wholesalers and distributors nationwide. Peachey Hardwood Flooring was founded in 1995 and is based in Reedsville, Pennsylvania.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2024-02-20 Comprehensive Prosthetics and Orthotics

Peoria, Illinois, United States

Comprehensive Prosthetics and Orthotics is a prosthetic and orthotic service provider to the adult and pediatric markets that provides consultation and fitting services, follow-up treatment services, and custom product fulfillment. Comprehensive Prosthetics and Orthotics was founded in 2006 and is based in Peoria, Illinois.

Buy -