Dallas-based firm Brazos Private Equity Partners has merged and recapitalized its portfolio companies Ennis Paint Inc. and Flint Trading Inc. Through the merger, Brazos has become the majority investor in a combined entity, Ennis-Flint. The transaction was financed with a new $405 million credit facility arranged by Credit Suisse. Other terms were not disclosed.
Brazos Private Equity Partners, LLC, a Dallas-based private investment firm, today announced the merger and recapitalization of its portfolio companies Ennis Paint, Inc. (“Ennis”) and Flint Trading, Inc. (“Flint”). Through the merger, Brazos has become the majority investor in a combined entity, Ennis-Flint, that is the leading global provider of pavement marking materials, with an enterprise value of approximately $575 million.
The transaction was financed with a new $405 million credit facility arranged by Credit Suisse Group AG.
Members of the Ennis-founding Anderson family and Flint management investors Steve Vetter and Matt Soule will continue to have significant equity ownership in Ennis-Flint alongside Brazos. The company’s senior management team will include Ennis and Flint executives with Bryce Anderson serving as Chairman, Steve Vetter as Chief Executive Officer, John Midea as President and Matt Soule as Chief Financial Officer.
Ennis-Flint will continue to operate out of corporate offices located in Dallas, Texas and Thomasville, North Carolina and will immediately begin to integrate its operations to focus on providing the best products and customer service to the traffic safety industry. With 14 manufacturing facilities in the U.S., Canada, Australia and Europe and over 90 sales personnel worldwide, Ennis-Flint provides its government and commercial customers with the industry’s most comprehensive offering of highly durable and retro-reflective marking products used in the construction, maintenance and repair of highways, roads, airports and other applications.
“We are delighted to lead the exciting and value-enhancing combination of Ennis and Flint,” said Randall Fojtasek, Co-Chief Executive Officer and Co-Founding Partner of Brazos and Vice-Chairman of Ennis-Flint. “Ennis-Flint is a global leader in traffic safety markings, which is a highly attractive and fragmented market driven by increased government spending on public safety, recurring maintenance spending and continued development of the global road network. Given the combined company’s global manufacturing and sales presence, we are well positioned to capitalize on these trends. We are working actively with management to pursue a range of revenue growth and cost savings opportunities resulting from the combination.”
About Brazos Private Equity Partners, LLC
Brazos Private Equity Partners is a Dallas-based private equity firm that manages approximately $1.4 billion of equity capital. Brazos focuses on investments in leading middle-market commercial and industrial, consumer, healthcare and business services companies, seeking to partner with outstanding management teams and/or families of closely-held businesses to maximize value. Brazos has been one of the most active middle-market private equity investment firms over the past decade, having completed over 60 acquisitions.