Babson Capital Management today announced that it has provided $6.0 million in mezzanine debt and made an equity co-investment of $1.5 million to support Fort Point Capital’s investment in Church Services, a provider of residential services to homeowners. “The Babson Capital team has worked with Fort Point’s partners on investments for well over a decade, so we were pleased to renew our relationship on the Church Services recapitalization,” said Fort Point Capital Partner Brooke Ablon. “With its deep experience in middle-market financing, its responsiveness and its partner-like approach, Babson Capital was a great asset for Fort Point on this transaction.”
Church Services is a provider of residential services to homeowners, including the repair, maintenance and replacement of heating, ventilation, and air conditioning systems, electrical, plumbing, foundation repair and pest control services to the greater Houston, Dallas and Austin metropolitan areas. The company was founded in 1990 and is based in Houston with branches in Dallas and Austin (www.churchservices.com).
“Church Services is well positioned to capitalize on numerous growth opportunities, and Fort Point’s extensive knowledge of best practices across a diverse range of service industries can only improve the company’s already impressive reputation for customer service,” said Mike Klofas, Managing Director and head of the Mezzanine & Private Equity Group for Babson Capital. “Babson Capital is proud to partner with Fort Point on its investment in Church Services and we look forward to working with Brooke and his team on future investments soon.” Fort Point Capital invests from $5 to $25 million in service-oriented, lower middle market companies across a range of sectors, including business services, healthcare, consumer, and software and information. The firm is based in Houston, TX (www.fortpointcapital.com).
Babson Capital manages about $4 billion in direct and indirect mezzanine and private equity assets and commitments and has $143 billion in assets under management as of March 31, 2012. Babson Capital, a member of the MassMutual Financial Group, is based in Boston and Springfield, MA and Charlotte, NC. The firm has six additional offices in the US and one in Sydney, Australia, with subsidiaries in London and Tokyo (www.BabsonCapital.com).
