OFS Capital and Ironwood back Performance Team recap


OFS Capital and Ironwood Capital have provided debt funding to support a recapitalization of Los Angeles-based Performance Team, a third-party logistics and distribution provider. No financial terms were disclosed.

PRESS RELEASE

July 26, 2018 – OFS Capital Corporation (NASDAQ: OFS) and Ironwood Capital are pleased to announce a debt investment to support a recapitalization of Performance Team, LLC (“Performance Team”). Headquartered in Los Angeles, California, Performance Team is an end-to-end third-party logistics and distribution provider, offering consolidation, warehousing, distribution and transportation services across the country.

“OFS Capital has a long history of partnering with owners and management teams of family-owned companies to help them grow their businesses. We are excited to partner with Performance Team, a second-generation family-owned and operated company, to enable the buy-out of an existing equity owner and be a part of the Company’s continued growth and success,” stated OFS Capital Senior Managing Director Mark Hauser.

“Performance Team has a national footprint and significant scale. Since 1987, company management, currently led by CEO Craig Kaplan, has done an outstanding job building a national distribution and transportation powerhouse with a corresponding increase in its customer base,” noted Ironwood Capital President and Chief Investment Officer Carolyn Galiette. “We’re pleased to be part of this growth story.”

About Performance Team
Headquartered in Los Angeles, California, Performance Team is an end-to-end third-party logistics and distribution provider, offering a full suite of ecommerce, retail, wholesale, and omni-channel distribution and transportation services, including dedicated facility management, replenishment, pick and pack, garment on hanger (GOH), value-added services, retail compliance, consolidation/deconsolidation, transload and drayage etc. The company serves over 5,000 customers and manages over 7.0 million square feet of warehouse space in key supply chain hubs located across the United States, near major ports, interstate highways and intermodal rail lines. For more information, please visit: www.performanceteam.net.

About OFS Capital Corporation
OFS Capital Corporation (NASDAQ: OFS) is a business development company that provides debt and minority equity capital solutions to middle-market companies. The firm offers flexible financing to business owners and proven management teams, helping them achieve targeted growth, liquidity and ownership transition goals. For more information, please visit www.ofscapital.com.

About Ironwood Capital
Ironwood Capital is a Connecticut-based private equity firm that provides non-control growth capital to middle market companies, investing more than $750 million in over 130 companies over the past 17 years. Ironwood invests in the form of subordinated debt and preferred stock in amounts ranging from $5 million to $20 million to support business owners and financial sponsors in growth financings, full and partial recapitalizations, generational transitions and buyouts. For more information, please visit www.ironwoodcap.com.