Spring Capital Closes New Investment in PirTano Construction
SPRING CAPITAL PARTNERS IV, L.P.
is pleased to announce the closing of an investment in
PirTano Construction Company, LLC
$6.0 Million of Subordinated Debt and $2.0 Million of Common Equity
Spring Capital Partners IV, L.P. is a Small Business Investment Company as licensed by the United States Small Business Administration in accordance with the Small Business Investment Act of 1958, as amended.
Transaction Overview
Spring Capital Partners IV, L.P. (www.springcap.com) invested $6.0 million of subordinated debt and $2.0 million of common equity to support Rising Point Capital in their acquisition of PirTano Construction Company, LLC (“PirTano” or “the Company”). Spring Capital co-invested in the transaction with Medallion Capital. Senior debt was provided by PNC Bank.
About PirTano
Founded in 1982, PirTano is a multi-dimensional construction company that was founded by Mike Piraino, Joe Pantano, and Jack Horn. Now spanning almost four decades, PirTano has thoughtfully expanded its services from the early days as an underground utility contractor installing sewer and water systems and coax cable throughout the Chicagoland area into three distinct areas of business including Heavy Highway Division, Communications Division, and Communication Installation Division. The Heavy Highway Division provides underground utilities, roads, and site development as a full-service prime contractor for residential home builders, commercial developers, municipalities, departments of transportation, and tollway authorities. The Communications Division builds and splices fiber optic networks, coaxial systems, and conduit/duct systems as a complete turnkey contractor. The Communication Installation Division installs high speed data lines, video security systems, internet, cable tv and telephone for residential and commercial customers.
About Spring Capital Partners
Spring Capital Partners was founded in 1999 to provide mezzanine capital to growing small and medium sized businesses. The firm has managed over $600 million of capital and is currently investing out of its fourth fund, Spring Capital Partners IV, a $250 million SBIC. Investments are made in the form of subordinated debt and minority equity typically in the range of $2 million to $20 million per investment. In addition to investing in change of control/buyout transactions with committed private equity funds and independent sponsors, Spring Capital also provides capital to privately held businesses to support acquisitions, growth, and minority recapitalizations.