Sand Oak Capital has made an investment in LCR Contractors (LCR), a provider of fireproofing and spray applied thermal insulation.
LCR has over 30 spray crews and a large amount of equipment that allows it to operate multiple crews on projects throughout the country. The company is led by Donald Spicer, President and Clay Spicer, Vice President. LCR is headquartered in Dallas and, according to Sand Oak Capital, is one of the largest spray subcontractors in the United States (www.lcrcontractors.com).
Sand Oak Capital invests from $10 million to $50 million of capital in lower-middle market companies that have from $20 million to $200 million of annual revenues. Sectors of interest include industrial services and manufacturing, building products, distribution and logistics, environmental services, building and facilities services, testing and inspection, consumer goods, packaging components, and construction material and engineering. Sand Oak Capital is led by its founders Jeremy Schwimmer and Jeffrey Mizrahi and is headquartered in New York (www.sandoak.com).
“We are extremely excited about our partnership with LCR,” said Mr. Mizrahi. “Buddy and Clay Spicer have built an exceptional business addressing a critical safety feature of building construction, renovation, and maintenance. With the strengthening of building codes and increased focus on energy efficiency, LCR is well-positioned for future growth.”
“Sand Oak brings a wealth of experience investing in and growing family-owned businesses,” said Clay Spicer. “We look forward to taking LCR to the next level with our new partners.”
Gladstone (www.GladstoneInvestment.com) provided financing to support this acquisition. Dallas-based Pinecrest Capital Partners (www.pinecrestcap.com) was the financial advisor to LCR.
© 2016 PEPD • Private Equity’s Leading News Magazine • 1-20-16