Ashland Capital Partners has acquired Boccella Precast, a manufacturer of structural precast concrete products.
Boccella’s pre-stressed hollow core concrete plank products are used predominantly in the Northeast and Mid-Atlantic regions of the United States, with a focus on the New York City market. The company’s products are used in a variety of applications including the construction of affordable housing, dormitories, apartment buildings, condominiums, hotels and educational facilities. Boccella was founded in 1969 and is headquartered bear Philadelphia in Berlin, NJ (www.boccellaprecast.com).
Main Street Capital also participated in this transaction by funding $18.6 million in a combination of first-lien, senior secured term debt and a direct equity investment. In addition, Main Street is providing Boccella an undrawn credit facility to support its working capital needs. Main Street (NYSE:MAIN) provides long-term debt and equity capital to middle market and lower middle market companies that have annual revenues ranging from $10 million to $150 million. The firm is based in Houston, TX (www.mainstcapital.com).
Ashland Capital Partners invests in companies with annual revenues of at least $10 million and cash flows of at least $3 million. Sectors of interest include industrial manufacturing and services; distribution and logistics; and business services. The firm was co-founded by John Lorentzen and Jim Lynch and is based in Chicago (www.ashlandcap.com).
© 2017 Private Equity Professional | July 7, 2017
