iSqFt, a portfolio company of Genstar Capital, has secured undisclosed financing from Franklin Square Capital Partners’ FSIC funds, which are sub-advised by Blackstone’s GSO Capital Partners LP. According to the company, the capital infusion will recapitalize iSqFT’s balance sheet and back its acquisitions of construction data companies BidClerk and CDC Publishing. Based in Cincinnati, Ohio, iSqFt is a provider of cloud-based software tools, data and analytics for building product manufacturers, general contractors and subcontractors.
PHILADELPHIA, May 18, 2015 /PRNewswire/ — Franklin Square Capital Partners (Franklin Square), the largest manager of business development companies (BDCs), announced the origination of a senior secured term loan to Blueprint Sub, Inc. (doing business as iSqFt), a leading construction software company providing solutions designed to streamline the pre-construction process. The new financing will recapitalize iSqFt’s balance sheet and support its acquisitions of construction data companies BidClerk and CDC Publishing. iSqFt is a portfolio company of Genstar Capital (Genstar), a San Francisco, CA based middle market private equity investment firm focused on the software, healthcare, financial services and industrial technology sectors.
The financing was provided by FS Investment Corporation (NYSE: FSIC), FS Investment Corporation II (FSIC II) and FS Investment Corporation III (FSIC III), BDCs managed by affiliates of Franklin Square and sub-advised by an affiliate of GSO Capital Partners LP (GSO).
“We are excited to work with Genstar and iSqFt to finance one of the largest construction software companies in the marketplace today,” said Michael C. Forman, Chairman and Chief Executive Officer of FSIC, FSIC II and FSIC III. “The scale of our platform gives us the ability to provide customized financing solutions to our clients and to support our portfolio companies as they develop and grow their businesses.”
Founded in 1993 and headquartered in Cincinnati, OH, iSqFt is a leading provider of cloud-based software tools, data and analytics to building product manufacturers, general contractors and subcontractors. iSqFt offers a premiere bid management software platform helping general contractors and subcontractors effectively manage projects in the planning and bidding phases. Additionally, iSqFt provides mission critical data, analytics and project leads to construction industry market participants.
FSIC is a publicly traded BDC focused on providing customized credit solutions to private middle market U.S. companies. FSIC seeks to invest primarily in the senior secured debt and, to a lesser extent, the subordinated debt of private middle market companies to achieve the best risk-adjusted returns for its investors. In connection with its debt investments, FSIC may receive equity interests such as warrants or options.
FSIC is advised by FB Income Advisor, LLC, an affiliate of Franklin Square, and is sub-advised by GSO / Blackstone Debt Funds Management LLC (GDFM), an affiliate of GSO. GSO, with approximately $75 billion of assets under management as of March 31, 2015, is the credit platform of The Blackstone Group L.P. (Blackstone), one of the world’s leading managers of alternative investments.
For more information, please visit www.fsinvestmentcorp.com.
About FSIC II and FSIC III
FSIC II and FSIC III are publicly registered, non-traded BDCs sponsored by Franklin Square. FSIC II and FSIC III focus primarily on investing in the debt securities of private companies throughout the United States, with the investment objectives of generating current income and, to a lesser extent, long-term capital appreciation for their investors. FSIC II and FSIC III are advised by affiliates of Franklin Square and are sub-advised by GDFM. For more information, please visit www.franklinsquare.com.
About Franklin Square
Franklin Square is a leading manager of alternative investment funds designed to enhance investors’ portfolios by providing access to asset classes, strategies and asset managers that typically have been available to only the largest institutional investors. The firm’s funds offer “endowment-style” investment strategies that help construct diversified portfolios and manage risk. Franklin Square strives not only to maximize investment returns but also to set the industry standard for best practices by focusing on transparency, investor protection and education for investment professionals and their clients.
Founded in Philadelphia in 2007, Franklin Square quickly established itself as a leader in the world of alternative investments by introducing innovative credit-based income funds, including the industry’s first non-traded BDC. The firm managed approximately $15.7 billion in assets as of March 31, 2015 and is the largest manager BDC assets with approximately $14.5 billion in BDC assets as of March 31, 2015. For more information, please visit www.franklinsquare.com.
About Blackstone and GSO
Blackstone is one of the world’s leading investment and advisory firms with approximately $310 billion of assets under management as of March 31, 2015. It seeks to create positive economic impact and long-term value for investors, the companies it invests in, the companies it advises and the broader global economy. Blackstone does this through the commitment of extraordinary people and flexible capital. Blackstone’s alternative asset management businesses include the management of private equity funds, real estate funds, hedge fund solutions, credit-focused funds and closed-end funds. GSO, a division of Blackstone, is a leading credit-focused alternative asset manager, with approximately $75 billion of assets under management as of March 31, 2015. GSO has a global footprint with approximately 260 professionals among its offices in New York, Dublin, London and Houston. Further information is available at www.blackstone.com. Follow on Twitter @Blackstone.