Boathouse Capital invests $28M in four deals

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.

PRESS RELEASE

Boathouse Capital, a new middle market mezzanine investment fund located in suburban Philadelphia, is pleased to announce the funding of its first four portfolio companies.

PTG Enterprises
Based in West Palm Beach, FL, PTG Enterprises provides taxi, limousine, and para-transit services in the greater Palm Beach, Clearwater, and Jacksonville areas of Florida. The company has the leading market share position in all of its markets and enjoys numerous exclusive vendor contracts with area airports, hotels, and businesses.
Boathouse invested $8.7mm of mezzanine debt in PTG Enterprises to acquire the assets of Yellow Cab Service Corporation of Florida and its affiliates and subsidiaries.

Platinum Protection
Based in Salt Lake City, UT, Platinum Protection sells, installs, and services residential security alarm systems. The company’s sales representatives and installation technicians follow a highly successful door-to-door sales strategy during the summer months and provide superior post-sales customer service. Platinum is currently the third largest summer sales company in the industry. Boathouse invested an undisclosed amount of debt in Platinum to help fund the business’ growth plans.

Pleatco
Based in Glen Cove, NY, Pleatco is a leading manufacturer of water filtration products used in the pool and spa industry. Pleatco’s primary products are filter cartridges and grids used for diatomaceous earth filtration. Pleatco is the leader in these markets and is known for quality and innovation. The company has an outstanding reputation among consumers and retailers thanks to a proprietary design that maximizes water flow and minimizes energy consumption. Boathouse invested $5.1 million of mezzanine debt to recapitalize Pleatco’s balance sheet and to fund future growth.

Service Provider to the Restaurant and Foodservice Industry
Finally, Boathouse invested in a service provider to the restaurant and the foodservice industries. Boathouse supported Audax Group’s acquisition of the company by investing an undisclosed amount of mezzanine debt and equity to facilitate the transacation.

About Boathouse Capital
With $105 million in capital under management, Boathouse Capital invests mezzanine debt and equity in high quality lower middle market companies in partnership with management teams and private equity funds. We invest up to $15 million in companies with EBITDA of at least $2 million. Our principals have a combined 50+ years of lower middle market investing experience and have deployed over $1 billion as a team. We founded Boathouse in 2008 on a foundation of fair dealing, hard work and the belief that the best deals are those grounded in trust and common goals. Boathouse does not strive for returns at the expense of others; we believe that the best strategy is one in which everybody wins.