News

Patriot Capital, a multi-strategy middle market investment firm, is pleased to announce its recent debt and equity co-investment to support the recapitalization of Long Island Waste Services (“LIWS” or the “Company”), a locally owned and operated waste management company located on Long Island, NY, that provides solid waste solutions to commercial, residential, and industrial customers.

Patriot partnered with Terramont Infrastructure Partners, a North American middle market-focused infrastructure investment firm, Comerica Bank, and Tecum Capital partners in its investment in LIWS. Dickson Suit of Environmental Services Investors served as advisor for LIWS.

LIWS’ comprehensive services encompass efficient waste collection, state-of-the-art transfer stations, materials recovery facility and environmentally responsible disposal. LIWS specializes in materials processing and commodities recycling where various recyclables such as cardboard, paper, metals and construction materials are recovered for resale or alternatives applications.

For more information on this transaction, please contact:
Sean Bilbrough, Vice President
Charles McCusker, Managing Partner
Trinh Le, Analyst

Patriot Capital, a multi-strategy middle market investment firm, is pleased to announce a recent investment in TCB Franchising, a portfolio company of Eagle Merchant Partners.

TCB Franchising, headquartered in Memphis, TN, is a leading home and commercial services franchisor in the U.S. and Canada. Patriot provided capital to support the continued growth of TCB Franchising’s portfolio of brands, AmeriSpec® Inspection Services, Furniture Medic® and its new brand, Renew Medic™.

Founded in 1987, AmeriSpec® is a residential and commercial property inspection company with a North American network of highly trained, experienced inspectors.

Founded in 1992, Furniture Medic® offers furniture and wood repair, fabrication and refinishing services in the commercial and residential sectors.

Founded in 2024, Renew Medic™ is a specialty cabinet restoration company that capitalizes on the growing demand in the $210 billion global restoration services market and caters to insurance carriers, policyholders, claims adjusters & mitigation professionals.

For more information on this transaction, please contact:
Jonathon Cope, Principal
Alex Tyroler, Senior Associate

Patriot Capital, a multi-strategy middle market investment firm, is pleased to announce a new investment to support an add-on acquisition for Clean Water Environmental Services (“CWES”), an existing portfolio company of Rockwood Equity Partners.

Headquartered in Parker, CO, CWES is a platform holding company for providers of erosion control and storm water management services. CWES provides erosion and sediment control, stormwater management and remediation, land reclamation, pollution prevention, water quality and detention systems, consulting services (SWMP, SWPPPs, permitting, training, engineering, audits, compliance support), as well as installing and providing products such as silt fences, straw mats, hydroseed and wattles, and more for residential, commercial, and municipal land developers.

Patriot Capital provided debt to support the add-on acquisition of WBE Environmental, Inc. dba Florida Silt Fencing for the platform.

Florida Silt Fencing is renowned for its specialized installation of silt fences and other erosion control measures across Florida and surrounding states. The company focuses heavily on infrastructure projects, which aligns with CWES’ focus on diversifying its erosion control and storm water management services across end markets, customers, and geographies.

For more information on this transaction, please contact:
Kyle Griffith, Managing Director
Zac Davliakos, Senior Analyst

Patriot Capital, a multi-strategy middle market investment firm, and Guardian Capital Partners, an operationally focused private equity firm based in suburban Philadelphia, are pleased to announce the sale of their portfolio company, Direct Line Global, to CBRE Group (NYSE:CBRE), the world’s largest commercial real estate services and investment firm.

Direct Line, based in Fremont, CA, is a leading technology infrastructure services provider enabling mission-critical data centers for the world’s technology leaders. Direct Line has over 1,000 skilled technicians to deliver data center services across the US and Asia Pacific markets. The Company successfully deploys next-generation infrastructure technologies, including artificial intelligence platforms, across the data center lifecycle – design and planning, installation and post-build maintenance, and technology upgrades and retrofits.

“Patriot’s investment in Direct Line is indicative of our 25-year investment history, where we partner with great platform businesses with strong management teams and disciplined sponsors,” said Managing Partner Charles McCusker. “We are thankful for our partners in this transaction and look forward to great future outcomes for Direct Line.”

Patriot Capital invested in Direct Line in 2018 through Patriot Capital IV, making a senior subordinated debt and equity investment. During the investment period, Direct Line invested to scale its platform, including operations and delivery, data center services offerings, geographic market expansion, and partnership with blue-chip customers. Terms of the transaction are not disclosed.

For more information on this transaction, please contact:
Charles McCusker, Managing Partner
Dan Yardley, Partner

Patriot Capital, a multi-strategy middle market investment firm, is pleased to announce its recent debt and equity co-investment to support the majority recapitalization of Central States Bus Sales, Inc. (“CSBS”), a multi-state dealer of new and used school and commercial buses intended to serve school districts, municipalities and other organizations. Patriot partnered with Independent Bankers Capital Funds, Capital for Business, Konza Valley Capital and Jeff Reitz, President & CEO of CSBS, in its investment in CSBS.

Headquartered in Fenton, Missouri, CSBS is the largest authorized dealer of Blue Bird Corporation (“Blue Bird”) school buses in the United States, exclusively serving Missouri, Illinois, Kentucky, Tennessee, Arkansas, and Alabama. CSBS has a longstanding relationship with Blue Bird, a leading school bus manufacturer with gas, diesel, low- and zero-emission school buses fueled by propane and natural gas, and electric-powered (EV) buses in operation today.

“We are excited to work with our investment partners to ensure the long-term success of our great company and allow it to grow and expand in the future,” commented Jeff Reitz, President & CEO of CSBS. “We are also pleased that we will be able to continue providing excellent new and used buses and quality service to our customers. You can look for continued investment and growth in the future from CSBS as the Company explores additional opportunities to service our customers and expand our coverage territory, as we just recently started doing in the state of Alabama.”

For more information on this transaction, please contact:
Charles McCusker, Managing Partner
Alex Tyroler, Senior Associate

Patriot Capital, a multi-strategy middle market investment firm, is pleased to announce a recent add-on subordinated debt investment, in support of an acquisition by Maysteel Industries, a portfolio company of Littlejohn Capital.

The acquisition of Star Precision, a full service, sheet metal fabrication, precision machining and complete finishing services company, further develops Maysteel’s capabilities and expands Maysteel’s geographical presence with Star’s facility in Colorado.

Kevin Matkin, Chief Executive Officer of Maysteel, said, “Maysteel participates in a diverse set of defined industries that require durable sheet metal solutions. Star Precision is a complementary addition to our growing platform as we continue to scale and diversify our metal production and machining capabilities. Star Precision is an essential piece to our future success and growth, and we are excited to have the company and its people as part of Maysteel.”

Headquartered in Allenton, WI, Maysteel is a manufacturer of custom OEM sheet metal enclosures, electrical cabinets, and metal fabricated assemblies. Patriot initially invested in the platform in December 2017 at the time of Littlejohn and Maysteel’s acquisition of DAMAC Products, LLC.

Angus Littlejohn III, President of Littlejohn Capital, said, “We are very excited to continue our partnership with Patriot. They are a great team to work with and consistently demonstrate the ability to be responsive and thoughtful.”

For more information on Maysteel Industries, please visit www.maysteel.com/.

For more information on this transaction, please contact:
Stacey Wittelsberger, Partner
Zac Davliakos, Senior Analyst

Patriot Capital, a multi-strategy middle market investment firm, is pleased to announce a new debt and equity co-investment in partnership with Granite Creek Capital Partners and existing Salem One management to support the acquisition of iTek Graphics, a prominent printing and graphics company based in Charlotte, NC.

Adding to Salem One’s reach and capabilities, iTek Graphics further solidifies the company as a regional and national leader in complete corporate communications solutions.

As a new division of Salem One, iTek Graphics will continue operating as a stand-alone business unit led by a talented and long-tenured team in Concord, NC. iTek Graphics has built a reputation for its state-of-the-art printing capabilities, innovative design solutions, and unwavering commitment to client success. The acquisition is expected to amplify the company’s current strengths while providing clients with an even more comprehensive range of services.

“We are proud to welcome the team at iTek Graphics into the Salem One family,” said Phil Kelley, Jr., CEO of Salem One. “We have enjoyed a strong relationship with their team over the years and are excited for the opportunities that lay ahead with the joining of our organizations.”

Patriot initially invested in Salem One in August 2023. Headquartered in Winston-Salem, NC, Salem One is a leading provider of corporate communication solutions, including direct marketing, packaging, and logistics services. The acquisition includes an investment from Granite Creek Capital Partners and roll-over investments led by Phil Kelley, Jr., CEO and President of Salem One and Scott Mahoney, a long-time shareholder and previous Chairman of Salem One.

For more information on this transaction, please contact:
Kyle Griffith, Managing Director
Charles McCusker, Managing Partner
Zac Davliakos, Senior Analyst

Patriot Capital, a multi-strategy middle market investment firm, is pleased to announce a recent debt and equity co-investment in support of an add-on acquisition by Mod Op, a portfolio company of Alterna Equity Partners. Patriot’s investment in Mod Op facilitated the company’s acquisition of a leading creative agency, Mod Op’s fifth acquisition in 2023.

Headquartered in Miami, FL, Mod Op is a full-service digital marketing agency providing strategy and execution for creative, communications, technology, and digital media, as well as other digital marketing services, to leading brands like Nestlé, John Deere, ExxonMobil, Baha Mar, and more. The company maintains offices in Dallas, Kansas City, Los Angeles, Portland, Minneapolis, New York, Cleveland, and Philadelphia, as well as in Panama City, Panama and Toronto, Canada.

“We’ve known the Patriot team for some time so we are excited to finally partner with them in support of Mod Op,” said Casey Swercheck, Partner at Alterna. “We and the Mod Op management team appreciate their support as we continue to grow the Mod Op platform.”

Danny Speake, Principal at Alterna, added, “The Patriot team was great to work with on this transaction. They were responsive, constructive in their apporach, and easy to work with. We look forward to their ongoing partnership and support.”

For more information on this transaction, please contact:
Jonathon Cope, Principal