Crossplane Capital had invested in Domino Equipment Company, a distributor and servicer of petroleum equipment, car wash equipment, and compressed natural gas and electric vehicle charging stations.
Domino’s petroleum equipment includes fuel dispensers; card readers and point of sale systems; in-tank monitoring systems; nozzles, swivels, and hoses; underground and above ground storage tanks; and perimeter and canopy lighting.
In addition to its distribution and servicing activities, Domino also operates 13 Oklahoma-based car washes under the Xtreme Auto Wash brand. Domino was founded in 1989 by CEO Barry Brodersen and is headquartered in Oklahoma City, Oklahoma.
“Over the past 32 years, Barry has done a phenomenal job growing Domino into what we believe is a uniquely strategic business with a number of actionable growth opportunities,” said Mike Sullivan, a managing director at Crossplane. “We look forward to expanding Domino’s presence both within the company’s core Oklahoma footprint as well as adjacent geographies.”
“With its strong position in both the fueling system and car wash equipment installation and service markets in Oklahoma as well as its Xtreme Auto Wash car wash business, Domino aligns well with our focus on investing alongside strategically sound, family-owned, industrial services-based businesses,” said Ben Eakes, a partner at Crossplane. “We are thrilled to be partnering with Barry Brodersen and the Domino team to continue the company’s impressive upward trajectory over the next several years.”
Twin Brook was the administrative agent on debt financing to support Crossplane’s investment in Domino. Chicago-based Twin Brook focuses on loans to private equity-owned companies with EBITDA between $3 million and $50 million, with an emphasis on companies with $25 million of EBITDA and below. The firm targets senior financing opportunities up to $200 million, with hold sizes across the platform ranging from $25 million up to $150 million. Twin Brook’s products include opportunistic investments in second lien, mezzanine, and equity co-investments.
Crossplane invests control equity in companies that have up to $15 million of EBITDA that are either family-owned and seeking a partner or involved in a complex situation. Sectors of interest include niche manufacturing, value-added distribution and industrial business services companies. The firm held a hard-cap close of its inaugural fund, Crossplane Capital Fund LP, with $275 million of capital in December 2020. Crossplane was founded in October 2018 and is headquartered in Dallas.
© 2021 Private Equity Professional | November 30, 2021
