Southfield Capital has acquired Milrose Consultants, a provider of consulting services to the commercial construction industry.
Milrose’s services, which include permitting, code and zoning, regulatory filing, and due diligence, allow its customers to outsource the highly regulated and complex building compliance and permitting process. Milrose manages thousands of projects each year for a range of blue-chip customers, including many Fortune 500 companies.
Milrose’s owners and the senior management team will continue to lead the company following the transaction and Domenick Chieco will transition from his role as managing partner to chief executive officer. Milrose was founded in 1988 by President Louis Milo and Senior Vice President William Rose and is headquartered in New York (www.milrose.com).
“Our partnership with Southfield will enable Milrose to continue to expand our service offering and deliver on our commitment to provide world-class support to our client base on a national scale,” said Mr. Milo. “We look forward to working hand-in-hand with Southfield on this new and exciting chapter for the company that we founded over thirty years ago.”
“We could not be more enthusiastic about partnering with the Milrose team. Over the course of their 30-plus year history, owners Lou Milo, Dom Chieco, Billy Rose, Gus Mazza, and the entire management team have built a reputation as the leading building code compliance consultant in the New York market,” said Tim Lewis, a partner at Southfield Capital. “Milrose’s impressive solutions offering, client base, and industry-leading position create an exciting opportunity for us as we partner with the company for its next stage of growth.”
Southfield Capital makes control investments in companies that are active in the outsourced business services sector and have EBITDA of $4 million to $12 million. In August 2017, the firm held a final close of Southfield Capital II LP with approximately $200 million in capital commitments. The close was at the fund’s hard cap and exceeded its original target of $175 million. Southfield Capital was founded in 2005 and is headquartered in Greenwich, CT (www.southfieldcapital.com).
OFS Capital and Modern Bank provided debt financing to support this transaction.
© 2019 Private Equity Professional | August 8, 2019