Patriot Capital Group is pleased to announce a growth capital investment in ThinkBig Networks, LLC  

Patriot Capital (“Patriot”), a multi-strategy middle market investment firm, is pleased to announce a growth capital investment in ThinkBig Networks, LLC (“ThinkBig”), a leading FTTP (fiber-to-the-premises) internet service provider deploying a state-of-the-art broadband network, for residential and commercial customers, in four counties across the state of Maryland: Harford County, Kent County, Queen Anne’s County and Charles County. 

ThinkBig was founded in 2016 by Dee Anna Sobczak and Mark Wagner, two veterans in the telecom and fiber broadband networks industries. ThinkBig’s current network consists of hundreds of fiber miles and thousands of homes and businesses passed, including some of the most rural areas of the state. Patriot’s growth investment, in addition to partnerships with state and local governments, will allow the Company to accelerate its development, bringing fiber connectivity to thousands of homes and businesses in both underserved and unserved parts of the state.

“We are so excited about the opportunity in front of us, to bring fast, reliable internet service, which is a necessity in today’s world, to the homes and businesses across the state of Maryland and other neighboring regions. I am grateful to have the opportunity to partner with Patriot Capital for the second time in my career, providing me, my Co-Founder Mark and our team the assurance that we have a dedicated and supportive team to successfully execute on our vision to create digital equity for underserved communities,” said Dee Anna Sobczak, COO of ThinkBig Networks, LLC.

For more information on this transaction, please contact:

Stacey Wittelsberger, Principal
Dan Yardley, Managing Director
Zac Davliakos, Analyst

Patriot Capital Celebrates Major Milestone

Patriot Capital Group is pleased to announce an exciting milestone – our family of funds has exceeded $1 billion in total dollars invested.

Since 2000, Patriot Capital funds have made 143 platform investments in lower middle market businesses across five investment vehicles. As our portfolio has grown, so has the Patriot team – today we have offices in Baltimore, Chicago, Dallas and Charlotte.

We’re thankful for the hard work and commitment of the current and former team members of Patriot Capital over the years that have enabled us to achieve this milestone. In addition, the $1 billion mark could not have been reached without the trust placed in the Patriot team by our investors and the U.S. Small Business Administration (SBA), portfolio company management teams, referral sources, and investment partners. We are grateful for the relationships and friendships that have been built over the last 22+ years and look forward to continued success and new partnerships in the years to come.

Patriot Capital is Pleased to Announce the Addition of Three New Team Members

Patriot Capital Group, a multi-strategy middle-market investment manager and advisory services platform, is pleased to announce the recent additions of Nick Dunbar, Alex Tyroler, and Zac Davliakos to the Patriot team.

Nick Dunbar joined Patriot in January 2022 as a Finance Associate. Mr. Dunbar’s addition to the Patriot platform further builds out Patriot Capital Group’s accounting, investor reporting, and financial planning capabilities. Prior to joining Patriot, Mr. Dunbar was a Senior Fund Accountant at StepStone Group (formerly Greenspring Associates). Mr. Dunbar began his career with Cohen & Company — a regional accounting, tax, and consulting firm — as a member of their investment industry services audit practice. Nick is a graduate of High Point University with a BS in Accounting and is based in Patriot’s Baltimore office. Nick is a Baltimore native, where he lives today with his wife, Julia, and dog, Brody.

Alex Tyroler joined the Patriot Capital Group in April 2022 and is based in Patriot’s Charlotte, NC, office. Mr. Tyroler joins Patriot from Citizens, where he served in the Investment Bank’s sell-side advisory team, primarily focused on consumer and multi-unit retail transactions. Prior to Citizens, Mr. Tyroler was a Senior Consultant with Elliott Davis’s Transaction Advisory Services team in Charlotte, NC, and began his career in BDO’s audit practice in McLean, VA. Alex is a graduate of Virginia Tech and holds a BS in Accounting and Information Systems. Mr. Tyroler has passed all four sections of the uniform CPA examination and is a registered representative holding an active Series 79 license. Alex is a northern Virginia native and currently lives in Charlotte with his wife, Lucy, and Goldendoodle, Charlie.

Zac Davliakos also joined the Patriot Capital Group in April 2022 and is based in Patriot’s Baltimore, MD, office. Before joining Patriot, Mr. Davliakos held roles in the Asset Management and Financial Planning & Analysis divisions of Corporate Office Properties Trust (COPT), a publicly traded REIT with investments primarily in the metro Washington, D.C., region. Mr. Davliakos began his career with the Federal Deposit Insurance Corporation (FDIC), serving in a rotational training program in the Risk Management Supervision and Consumer Protection verticals. Zac received his BS in Finance from Loyola University Maryland, where he was a four-year member of the varsity lacrosse team, serving as team captain his senior year. Zac also played with the Greek National Lacrosse Team at the 2018 World Lacrosse Championship in Israel.

Please join us in welcoming Nick, Alex, and Zac to the Patriot Capital team.

Patriot Capital Announces Investment in TopDown, Inc.

Patriot Capital (“Patriot”), a multi-strategy middle market investment firm, is pleased to announce its support of the majority recapitalization of TopDown, Inc. (“Top Down”), an industry-leading designer, manufacturer, and supplier of branded automotive aftermarket products. Patriot joins a Valesco Industries-led partnership alongside Brookside Capital Partners, Tecum Capital, and a Valesco Industries Limited Partner investing subordinated debt and equity.

TopDown, founded in 1979 and headquartered in Southern California, is the industry leader in OEM-quality replacement convertible tops which are one piece of an expansive offering that includes Jeep tops and aftermarket automotive soft goods such as seating upholstery, headliners, carpets and door panels. TopDown is committed to providing the automotive industry with leading product designs and quality, supported by excellent service levels and competitive prices. As a result of the Company’s manufacturing expertise, TopDown is a leading aftermarket provider with the capability to produce products for effectively all makes, models and production years.

For more information on this transaction, please contact:

Dan Yardley, Managing Director
Charles Adams, Associate Managing Director

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, or Dan Yardley.

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

SDS Rx

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: