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SPP MEZZANINE
PARTNERS CLOSES ON MEZZANINE INVESTMENT IN SAFETY SYSTEMS
HAWAII, INC
SPP Mezzanine Partners is pleased to announce the closing
of a $15.5 million mezzanine investment to support Marwit
Capital’s acquisition of Safety Systems Hawaii,
Inc. (“Safety Systems” or the “Company”).
SPP Mezzanine Partners led the $15.5 million subordinated
debt and equity co-investment financing and was joined
by CUNA Mutual Group (an SPP Mezzanine Limited Partner)
and Fifth Street Capital LLC. Based in Honolulu, Hawaii,
Safety Systems is the largest provider of traffic control
and related safety products and services in Hawaii. The
Company sells, rents, and services traffic control equipment
and personal safety supplies to government agencies, utilities,
and general contractors. Safety Systems represents SPP
Mezzanine’s second investment out of the firm’s
second mezzanine fund.
“We were delighted to work with Marwit Capital and
with our mezzanine partners on this investment,”
said Phil McNeill, SPP Mezzanine Partners’ Chief
Investment Officer. “As the market leader for traffic
control and safety products and services, Safety Systems
is well positioned to benefit from the continued aggressive
infrastructure build in Hawaii.” Chris Britt, Managing
Partner at Marwit Capital adds, “We are very excited
to partner with SPP Mezzanine Partners, Fifth Street,
and CUNA Mutual in this transaction and our overall strategy
in this industry. We are pursuing an aggressive plan to
build the largest independent provider of traffic control
products and services in the Western U.S. and the value
added and efficiency of execution that these investors
provide will contribute greatly to making this happen.”
Financial terms of the transaction were not disclosed.
Irwin Union Bank provided senior debt financing.
About Marwit Capital
Marwit Capital invests in lower middle market “micro
cap” businesses that are leaders in niche markets,
have revenues of $15 to $125 million, EBITDA of $2 to
$15 million, and enterprise values generally less than
$50 million. In all instances, Marwit partners with experienced
CEO Partners and management teams that invest alongside
the Fund, and actively collaborates with them to create
value. Marwit specializes in management buyouts, platform
LBO acquisitions in partnership with experienced industry
executives, recapitalizations, and later stage growth
and expansion investments. Marwit generally invests $5
to $15 million of equity capital per Portfolio Company,
in one or a series of investments, and has invested more
than $200 million since 1995. The firm’s current
fund, Marwit Capital Partners II (MCPII) completed its
latest closing in March 2007 bringing total assets to
$120 million, with a final closing expected in August
2007. For more information on Marwit Capital, please visit
www.marwit.com
About CUNA Mutual Group
CUNA Mutual Group is a leading provider of financial products
and services to credit unions and their members worldwide.
MEMBERS Capital Advisors is the registered investment
advisor affiliate of CUNA Mutual Group. With more than
$14 billion of assets under management, MEMBERS Capital
Advisors is the nation’s leading investment manager
for credit unions and their members. More information
on the company and MCA is available at www.cunamutual.com.
About SPP Mezzanine Partners
SPP Mezzanine Partners, an affiliate of SPP Capital Partners,
LLC, is a privately-held investment management firm founded
in 2003. SPP Mezzanine Partners provides mezzanine capital,
including subordinated debt and private equity, for leveraged
buyouts and management buyouts, growth capital financing
(internal growth and acquisitions) and recapitalizations
and refinancings. The firm specializes in lower middle
market investment opportunities and works with equity
sponsors, fundless sponsors and directly with management
teams to create and build value. For more information
on SPP Mezzanine Partners, please visit www.sppmezzanine.com.
SPP Capital Partners, LLC is a private investment bank
specializing in the private placement of senior debt,
mezzanine debt and equity capital.
Contact:
Phil McNeill
SPP Mezzanine Partners
11350 Random Hills Road
Suite 800
Fairfax, VA 22030
(703) 279-6403 |
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