Livingstone, a Chicago-based mid-market M&A and debt advisory firm, announced that it has closed a new credit facility for Premium Inspection & Testing Inc, a portfolio company of Calvert Street Capital Partners. First Midwest Bank and Patriot Capital provided the financing to support the portfolio company’s recapitalization of Capitol Ultrasonics LLC.
Livingstone Delivers Again for Premium Inspection & Testing
Completes fifth transaction with Calvert Street Capital Partners
CHICAGO – March 24, 2016. Livingstone, an international mid-market M&A and debt advisory firm, is pleased to announce the closing of a new expanded credit facility for Premium Inspection & Testing Inc. (“Premium Inspection” or the “Company”), a portfolio company of Calvert Street Capital Partners (“CSCP” or “Calvert Street”). First Midwest Bank and Patriot Capital provided the financing to support the Company’s recapitalization of Capitol Ultrasonics LLC (“Capitol Ultrasonics”).
Premium Inspection is a nondestructive testing (“NDT”) and inspection services business operating primarily in the midstream oil and gas and diversified industrials sectors. Capitol Ultrasonics is a locally owned and operated nondestructive examination company based in Baton Rouge, LA, which focuses on the downstream oil and gas sector. The combination of the two companies will further Calvert Street’s initiative to build a world-class testing and inspection business serving diverse end-markets.
“Once again, Livingstone’s team produced an excellent outcome for Premium Inspection,” commented Calvert Street Capital Partners principal Matt McLain. “By securing a lending group that understands our company’s attractive position within in the broader energy space, we were able to put in place a combined financing structure that expands Premium Inspection’s presence into the refining and petrochemical markets.”
Tom Lesch, Livingstone’s debt advisory Partner, elaborated on the complexity of sourcing debt capital in today’s oil and gas market. “Given the headwinds affecting much of the oil and gas sector, lenders have pulled back significantly in this space. By reaching out to the appropriate lender groups and effectively articulating our clients’ market position and growth opportunities, we have been able to produce successful outcomes for clients across the middle market.”
This marks Livingstone’s fifth successful transaction for Calvert Street Capital Partners and the firm’s second acquisition financing raised specifically for Premium Inspection & Testing Inc. The firm’s debt advisory team announced a first round of acquisition financing for Premium Inspection in May while Livingstone’s Industrial team advised on the sale of precision grinding manufacturer Abrasive Form to Calvert Street Capital Partners in October of 2015.
Calvert Street Capital Partners
Calvert Street Capital Partners is a lower middle market private equity business based in Baltimore, Maryland. Over its history, Calvert Street has developed a strong commitment to investing across the industrial services, business services, healthcare IT, and specialty manufacturing sectors. Since its inception in 1995, Calvert Street has focused on partnering with owner-operators and skilled management teams in the lower middle market to drive profitable growth and organizational transformation.
Livingstone Debt Advisor
Livingstone’s dedicated Debt Advisory team provides a broad range of fixed income services to domestic and international clients, including corporations and financial sponsors around the world. With an extensive global footprint, Livingstone has expertise and execution capabilities in a variety of products and cross-border situations. As an independent investment bank not affiliated with any financial lending institutions, Livingstone is uniquely positioned to objectively arrange the most borrower-friendly capital structures for clients. The firm specializes in a variety of security types (Senior Bank Debt, Junior Secured Debt, Mezzanine Debt, and Convertible Debt) to support leveraged buyouts, management buyouts, refinancing, and balance sheet recapitalizations.