Texas-focused CapStreet Group has refinanced Gulf Stream Marine, a marine cargo handling company in the US Gulf Coast region. Crutchfield acted as the exclusive financial advisor to Houston-based Gulf Stream Marine.
Today, The CapStreet Group, LLC and Crutchfield Capital Corporation reported the majority recapitalization of Gulf Stream Marine, Inc. by CapStreet Group. Crutchfield served as the exclusive financial advisor to Gulf Stream Marine throughout the transaction.
“We are pleased with the outcome of this transaction and are extremely enthusiastic about our new partnership with CapStreet,” said Rick Ragusan, president of Gulf Stream. “This new relationship with CapStreet will provide us with enhanced financial resources to continue to expand our business and provide our customers with world-class services.”
Based in Houston, Gulf Stream Marine is one of the largest privately-owned marine cargo handling companies in the U.S. Gulf Coast region. The company’s primary services include loading and unloading of cargoes from seagoing vessels specializing in breakbulk cargoes. Gulf Stream operates at seven terminals in four Texas ports, including Houston, Corpus Christi, Freeport and Brownsville.
“We are excited about the future of Gulf Stream, and we look forward to working with the management team to continue to grow the business,” said Neil Kallmeyer, CapStreet partner. “We believe there are many exciting growth opportunities for Gulf Stream, and we are anxious to help in these efforts.”
Founded in 1990, The CapStreet Group focuses on control investments in lower middle market, privately-held businesses headquartered in Texas and other Sunbelt states. Since inception, the firm has raised approximately $700 million of private equity, completed 31 portfolio company investments and completed more than 250 add-on acquisitions for these companies.
“We are thrilled to have represented Gulf Stream in this transaction. They have established themselves as the preeminent stevedore in Texas,” said Rick Wilson, a managing director of Crutchfield. “The Gulf Stream team has demonstrated its ability to grow its business and take advantage of unique opportunities in the Port of Houston and other Texas ports. The new partnership with CapStreet will provide Gulf Stream with an accelerated path to capitalize on many strategic initiatives.”
Crutchfield Capital Corporation is a private investment banking firm providing sell-side, acquisition and capital markets advisory services to middle market companies. Since its founding in 1991, the firm has successfully completed transactions with an aggregate value in excess of $1 billion for clients in more than 20 states, ranging from small private businesses to Fortune 500 public companies. Securities are offered through Crutchfield Securities, L.L.C. (Member FINRA / SIPC).
Sutherland Asbill & Brennan LLP represented Gulf Stream in the transaction, led by Paul Bishop, Partner. Vinson & Elkins L.L.P. represented The CapStreet Group in the transaction, led by Cliff Vrielink, Partner.