2021 Year in Review

2021 was an eventful year for Patriot Capital and we’re pleased to share some highlights of our growth over the past year. Over the last 12 months, Patriot invested in six new platform companies, reaching 22 platform investments and over $300 million of invested capital in Patriot Capital IV.

We also supported our existing platform investments through a number of “add-on” investments in 2021. Lastly, the Patriot Capital Group of funds also benefited from five portfolio company exits last year. These outcomes are directly attributable to the trust placed in Patriot by our portfolio company management teams and investment partners, and we are thankful to have achieved these results alongside great partners.

2021 Year in Review

In addition to our investment activity over the course of 2021, we’re equally excited to highlight some recent additions, promotions, and expansions within the Patriot team:

  • In December 2020, Jeff Rummell joined Patriot as Vice President of Finance. Jeff is responsible for all accounting, investor reporting, treasury, and financial planning. Prior to joining Patriot, Jeff was a VP of Finance at The Blackstone Group.
  • In April, Charles Adams joined Patriot in our Dallas office, responsible for continuing to build our relationships in the Southwest. Charles previously served in origination and deal execution roles with Texas Capital Bank and GE Capital Markets.
  • In June, Sean Bilbrough was promoted to Vice President, a well deserved recognition of his contributions to the firm. Sean and his wife Nicole also welcomed their first child in 2021, adding to the next generation of the Patriot team.
  • In December, Jonathon Cope relocated from Baltimore to Charlotte to support and expand our presence in the Southeast with private equity, investment banking, and lending relationships.
  • At year-end, Nick Dunbar joined Patriot as a Finance Associate to further build-out the firms accounting, investor reporting, and financial planning capabilities. Prior to joining Patriot, Nick was a senior fund accountant at StepStone Group (formerly Greenspring Associates).

With meaningful additional capital available to support continued portfolio growth, as well as new platforms, we are excited for what lies ahead in 2022!

Patriot Capital Supports Littlejohn Capital’s Acquisition of Alto Healthcare Staffing

Alto Healthcare Staffing

Patriot Capital, a multi-strategy middle market investment firm, is pleased to announce a new debt and equity co-investment alongside Littlejohn Capital in support of their acquisition of Alto Healthcare Staffing (“Alto”), a diversified healthcare staffing firm.

Headquartered in Dayton, Ohio, Alto was established in 2003 in line with the personal values and mission of Founder and Registered Nurse Leslie Kahn. Alto’s three key business lines include providing clinical temporary staffing primarily for nursing homes and long-term care facilities on a per diem or short-term contract basis; travel nurses primarily to hospitals; and medical assistants to doctors’ offices.

“We are thrilled to have the opportunity to partner again with Patriot. They are a very thoughtful and supportive partner who we know will allow us to continue Alto’s growth,” said Angus Littlejohn III, President of Littlejohn Capital.

For more information on this transaction, please contact: Stacey Wittelsberger or Sean Bilbrough.

Patriot Capital Supports Naprotek, a Portfolio Company of Edgewater Capital Partners, in the Acquisition of NexLogic

NexLogic Naprotek

Patriot Capital, a multi-strategy middle market investment firm, is pleased to announce an add-on subordinated debt and equity co-investment alongside Naprotek, a portfolio company of Edgewater Capital Partners. Patriot’s investment supported Naprotek’s acquisition of NexLogic, a provider of printed circuit board (PCB) assembly services and microelectronics packaging.

NexLogic brings a complementary set of capabilities to enhance the Naprotek platform strategy, expands Naprotek’s capabilities into microelectronics packaging, and builds on its PCB assembly services for complex, critical applications.

This is Naprotek’s third acquisition in its strategy of building an electronics technology solutions company. Naprotek, along with the recently announced acquisition of SemiGen, is positioned to offer a unique mix of capabilities aligned with emerging technologies, increasing the value they deliver in partnership with their customers.

Founded in 1995, NexLogic provides electronics manufacturing services across key markets, including Defense, Medical, and Test and Instrumentation, and is uniquely positioned to support Automated Test Equipment and Semiconductor providers. Their electronics manufacturing capabilities include design and development of microelectronics packaging, surface mount technology, and higher-level assemblies with in-house automation, test, and inspection.

For more information on this transaction, please contact: Kyle Griffith, Dan Yardley or Tom Kurtz.

Patriot Capital Supports SDS Rx’s Acquisition of Mission Critical Delivery Solutions


Patriot Capital, a multi-strategy middle market investment firm, is pleased to announce a new subordinated debt and equity co-investment in SDS Rx, an existing platform of HCI Equity. Patriot’s investment supported SDS Rx’s acquisition of Mission Critical Delivery Solutions.

Headquartered in Clark, New Jersey, SDS Rx is a supply chain solutions provider focused on the last mile healthcare market, specializing in the movement of pharmaceuticals from post-acute care pharmacies to patients, as well as the transportation of radiopharmaceuticals. Mission Critical positions SDS Rx to expand service to existing customers in new geographies and adds route density in select geographies. Mission Critical represents the second add-on acquisition for SDS Rx since HCI’s initial investment and Patriot’s investment in the platform positions the business to continue pursuing additional add-on acquisitions.

Tim Frend, a Managing Director at HCI, commented, “We are very excited to partner with Patriot on another platform. They are consistently a thoughtful, supportive, and constructive capital provider.”

For more information on this transaction or for any potential add-on opportunities, please contact: Jonathon Cope or Sean Bilbrough.

Patriot Capital Supports Merger of BIGNAME Commerce and JAM Paper & Envelope

BIGNAME Commerce

Patriot Capital, a multi-strategy middle market investment firm, is pleased to announce a new debt and equity co-investment alongside TZP Group in support of the merger of BIGNAME Commerce, an existing TZP portfolio company, with JAM Paper & Envelope.

BIGNAME Commerce is the parent company of Envelopes.com and Folders.com, e-commerce market leaders in specialty office supplies. JAM Paper & Envelope is a data analytics-driven retailer of branded specialty office products sold through e-commerce marketplace channels and its own direct-to-consumer website. The combined company brings together complementary skillsets, merging BIGNAME Commerce’s expertise in in-house envelope manufacturing, custom printing, personalization, and direct-to-consumer sales with JAM Paper & Envelope’s success in selling through third-party online marketplaces. The combination enhances capabilities relative to advanced data and analytics, improves manufacturing utilization, and directs more volume to strategic vendors.

Patriot’s investment in the combined company was completed in support of TZP Group and in partnership with Andrew Jacobs, JAM’s Chief Executive Officer (CEO), who will become the CEO of the combined company.

Rodney Eshelman, a Partner at TZP Group, commented, “We are thrilled to partner with Patriot as the firm has deep domain knowledge in the sector and was able to move efficiently through the transaction process. We look forward to working with the Patriot team to scale the business and realize the potential of the combined businesses.”

For more information on this transaction, please contact Jonathon Cope.

Patriot Capital Supports Pure Wafer and Edgewater Capital’s Acquisition of Noel Technologies

Noel and Pure Wafer logos

Patriot Capital, a multi-strategy middle market investment firm, is pleased to announce a subordinated debt investment alongside Pure Wafer, a portfolio company of Edgewater Capital Partners. Patriot’s investment supported Pure Wafer’s add-on acquisition of Noel Technologies, a process development and fabrication services provider that supports the world’s top semiconductor integrated device manufacturers (IDMs), semiconductor original equipment manufacturers (OEMs) and fabless semiconductor companies.

The addition of Noel Technologies creates synergistic opportunities, bringing significant value to customers:

  • Multi-layer and single layer processes expand the product portfolio
  • High-volume blanket coatings capacity provides customers with a domestic source for standard films
  • Development capabilities coupled with Pure Wafer’s exotic dielectric and metal films portfolio enables the company to further address non-semiconductor markets
  • Core process and design optimization capabilities complement Pure Wafer’s strategic growth plan

Established in 1996, Noel Technologies is a Silicon Valley-based foundry focused on process development, optimization, and delivery. Noel brings a range of new growth applications such as thin films, wafer standards, LEDs, optoacoustic microphones, flexible electronics, microarray mirrors, and labs-on-a-chip (LOCs). Noel’s lithography engineering services include reticle layout and process development to assure design success.

Pure Wafer is the largest U.S.-based supplier of silicon wafer solutions and services to the global semiconductor manufacturing industry. Operating three semiconductor fabs in California and Arizona, Pure Wafer supplies a comprehensive range of silicon wafer solutions. These include prime grade silicon wafers, from 50mm to 300mm, thin-films, wafer management software as a service, wafer brokerage, process development and fabrication services. For more than 20 years, it has continued to invest in advanced technologies that has established it as the trusted source for silicon wafer solutions serving the world’s top OEMs, IDMs and fabless semiconductor companies.

For more information on this transaction, please contact Kyle Griffith, Dan Yardley or Aaron Katzman.

Patriot Capital Supports Naprotek and Edgewater Capital’s Acquisition of SemiGen

Naprotek SemiGen logos

Patriot Capital, a multi-strategy middle market investment firm, is pleased to announce an add-on subordinated debt and equity co-investment alongside Naprotek, a portfolio company of Edgewater Capital Partners. Patriot’s investment supported Naprotek’s acquisition of SemiGen, a provider of products and services to the RF/Microwave community across markets including Defense, SATCOM, Space, and Advanced Communications.

The acquisition of SemiGen increases Naprotek’s capabilities to include advanced RF/Microwave products, assembly, and test services, and expands Naprotek’s reach across the United States. Naprotek is an electronic technology solutions company and a leading provider of quick turn PCBA, design for manufacturability, system integration, and testing services for high-reliability applications serving the Defense, Space, Medical, and Semi-Cap Equipment markets.

Founded in 2009, SemiGen is based in Londonderry, New Hampshire. SemiGen’s products include passive and active semiconductor components ranging from attenuators, capacitors, diodes, filters, and resistors to complex thin film circuits. Their manufacturing services span from RF/Microwave and PCB assembly to performance testing and in-house ion beam foundry.

For more information on this transaction, please contact Kyle Griffith, Dan Yardley or Aaron Katzman.

Patriot Capital Supports CenterGate’s Acquisition of Teeny Foods

logo of Teeny Foods

Patriot Capital, a multi-strategy middle market investment firm, is pleased to announce a new subordinated debt and equity co-investment alongside CenterGate Capital in support of CenterGate’s acquisition of Teeny Foods.

Teeny Foods is a developer and contract manufacturer of frozen, filled baked snacks and handheld meals—sticks, bites, pull-aparts, and calzones—in a variety of dough flavors, product shapes, fillings (including cheese and fruit), and topicals. The company’s products, sold by branded food manufacturers through foodservice and retail grocery channels, are available in individual oven/microwave safe wrappers, multipacks, resealable pouches, and bulk packaging formats.

Teeny Foods was founded by the Teeny family in 1964 and is headquartered in Portland, Oregon. Teeny represents Patriot’s fourth investment in the food supply chain in the past four years, alongside current portfolio companies, FreshEdge, MSI Express, and Eddy Foods.

“Patriot brings prior food-deal experience and we believe they will be a great partner for us and Teeny Foods as we support the company through its next stage of growth,” commented Jeff Kovick, Managing Director at CenterGate.

For more information on this transaction, please contact Charles Adams, Jonathon Cope or Aaron Katzman.

Patriot Capital Supports the Illinois Venture Capital Association Scholar Program

Summer is prime internship season and Patriot Capital also took part in welcoming numerous interns through our firm. Quam Oluewu, a third-year student at the University of Chicago Illinois, joined us in our Chicago office as part of the Illinois Venture Capital Association (IVCA) Scholar Program.

The IVCA provides access, information, and a voice for the professional venture capital/private equity investor and its Scholar Program helps foster diversity and inclusion by providing students exposure to a possible career in the venture capital/private equity industry. To qualify, students must attend a university in Illinois or be a permanent Illinois resident; possess strong communication and analytical skills, having completed some finance and accounting work; and be a person of color or a woman.

“I heard about the IVCA Scholar Program through my school and was very excited when I was chosen,” said Quam Oluewu. “My internship at Patriot Capital has been a very valuable experience. Tom and Kyle both taught me a great deal about the industry and checked in with me throughout the whole process. I didn’t know anything about the private equity industry before I started and having this door open has inspired me to understand what the field entails and provided me with critical networking opportunities to consider a career in the industry. I’m thankful to the Patriot Capital team for their participation in the IVCA Scholar Program.”

photo of Kyle Griffith, Quam Oluewu, Tom Kurtz

(from left to right) Kyle Griffith, Quam Oluewu, Tom Kurtz

IVCA Scholars work at a venture capital or private equity firm and participate in informational and training sessions. Quam worked on how to source and analyze deals, completed a financial modeling course, and participated in networking events that helped him learn more about the industry.

“Quam is an insightful young man who has responded well to the challenges of learning about a new industry. He was exposed to the new deals that we see daily as a firm and worked to analyze and understand these potential deals (based on industry, risk, size, etc.). He expressed interest in learning more about the investment banking industry, so we were able to have some introductory calls with other firms to help him make some meaningful connections,” said Tom Kurtz, Managing Director – Midwest.

“At Patriot Capital, we aspire to support companies that are an active member of the communities in which they operate and seek to be representative of that community within its workforce,” said Charles McCusker, Managing Director. “We’re proud to support the IVCA Scholar Program in their efforts to create an inclusive industry with more gender, racial, and ethnic diversity.”

Patriot Capital Promotes Sean Bilbrough to Vice President

Patriot Capital, a multi-strategy middle market investment firm, announced the promotion of Sean Bilbrough to Vice President, effective immediately. Mr. Bilbrough joined Patriot Capital in June 2018 as a Senior Associate.

“A large degree of our success to date is attributable to hardworking and focused individuals like Sean,” said Managing Partner Tom Holland. “He is more than ready to take on a greater role at the firm and we all look forward to his continued success.”

As Vice President, Mr. Bilbrough evaluates new investment opportunities and is responsible for due diligence, underwriting/execution, and portfolio management. Prior to joining Patriot Capital in 2018, he worked as a Senior Associate at Bengur Bryan, responsible for mergers and acquisitions, and private placements, as well as providing other financial advisory services to middle market companies. Mr. Bilbrough began his career at RSM US, LLP, a national assurance, tax, and consulting firm focused on the middle market, where he primarily concentrated on audits of financial services clients. He passed all four sections of the uniform CPA examination and is a registered representative holding an active Series 79 license. Mr. Bilbrough graduated from the Perdue School of Business at Salisbury University, with a BS in Accounting (cum laude).