Gladstone Investment and Bassett Creek Capital have partnered to form Bassett Creek Restoration, a new platform to acquire and integrate restoration and renovation companies across the United States.
The first acquisition of Bassett Creek Restoration is the buy of J.R. Johnson, a provider of commercial restoration and renovation services including construction defect repair, fire and smoke damage repair, crime scene cleanup, storm and water damage repair, contents recovery and mold removal. J.R. Johnson is headquartered in Portland, OR (www.jrjohnsoninc.com).
Members of J.R. Johnson’s management team participated in this transaction with Clint Arp and Del Starr becoming co-presidents and Andrew Johnson becoming an advisor to the company.
Gladstone Investment provided both equity and secured debt to complete this transaction. “We’re very excited to partner with Bassett Creek Capital in the formation of the Bassett Creek Restoration platform. What we consider JR Johnson’s best-in-class processes and procedures make it an ideal initial investment for this platform as we look to integrate future acquisitions under the Bassett Creek Restoration umbrella,” said Peter Roushdy, a Director of Gladstone Investment.
Gladstone (NASDAQ: GAIN) is a publicly-traded business development company that makes debt and equity investments in US-based small to middle-market businesses. Target investments generally range from $5 million to $30 million in companies with over $3 million in EBITDA. Gladstone is based in McLean, VA with additional offices in New York, Chicago, and Los Angeles
Bassett Creek Capital was founded by Rob Bauer and is headquartered near Minneapolis in Golden Valley, MN (www.bassettcreekcapital.com).
© 2018 Private Equity Professional | May 8, 2018