Boathouse Capital, a Philadelphia-based investment fund, has invested $28 million in its first four deals, the fund announced today. Boathouse, which focuses on mezzanine investments, has invested $8.7 million in PTG Enterprises, a Florida taxi and limo service to acquire the assets of Yellow Cab Service Corporation, also based in Florida. Boathouse invested an undisclosed amount of debt in Platinum Protection, a security company. It invested $5.1 million in Pleatco, a New York water filtration product manufacturer. And it invested an undisclosed amount in Audax Group, a food service industry company.
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BDCs (business development corporations) are now able to qualify for SBIC licenses, which are “back in vogue” with the benefits of access to low-cost capital, according to Mark Kromkowski, a private equity partner at law firm McGuireWoods LLP. SBICs (small business investment companies) receive up to $150 million in cheap leverage from Uncle Sam. How cheap? [...]
And Amalgamated Capital makes seven. I’ve written so many stories about new lending groups formed to serve the “void” of financing in the middle market, that it’s time to make a list. So I give you, the recent crop of new middle market lenders (please email with any I may have overlooked).
The groups are in various stages of development-some have raised funds, others are seeking to secure credit, and even one is in registration to go public. While they’re getting their ducks in a row, someone (anyone) find them some deals to finance!
1. Sankaty Middle Market Opportunities Fund will invest in middle-market mezzanine loans with some senior debt and equity. More specifically, it would target credit for new buyouts, rescue financings and secondary purchases of mezzanine debt. See related story.
A week ago we reported on Boathouse Capital, a new mezzanine fund formed by alumni of American Capital (ACAS). We had very few details except the names of the professionals. Today I learned a little more information from a source.
The Wayne, Penn.-based firm is in fundraising mode with a target of somewhere between $75 million and $225 million, based on its intended deal size. After forming last fall and launching fundraising last month, the fund already held a first close on between 65% and 75% of the target amount. Beyond raising capital, the firm hopes to receive SBIC approval to increase its leverage in the fall.
Boathouse Capital seeks to invest up to $15 million in sponsor-backed and direct transactions.
A group of ex-American Capital professionals has teamed up to launch a new mezzanine fund based in Wayne, Penn. Boathouse Capital is the second of what’s sure to be numerous new middle market lenders entering the fray in the aftermath of industry-wide layoffs. Last week CastleGuard Partners launched from the ashes of Freeport Financial, which [...]