Praesidian Capital has invested $9 million of senior notes and warrants in Support Services of America. Norwalk, Calif.-based Support Services provides janitorial and facilities maintenance services.
Praesidian Capital, a leading provider of mezzanine capital for small and mid-sized businesses, announced today it invested $9.0 million of senior notes and warrants in Support Services of America LLC (“SSA”), a national provider of janitorial and facilities maintenance services based in Norwalk, California. The company’s customers are found at 7,000 locations and include a broad range of Fortune 1000, healthcare, retail, business, and federal entities.
SSA was founded by CEO Alex Fortunati in 1996. “At SSA, our aim is to be the invisible workforce that makes a very visible difference,” he declared. “Our new relationships with Praesidian and FocalPoint Partners, LLC, which completed the institutional financing, are significant in helping us to meet our customers’ needs in all their endeavors.”
According to Nishen Radia, Managing Director and Co-founder of FocalPoint, “SSA has demonstrated impressive, industry-leading growth over the past decade. The closing of the balance sheet recapitalization by Praesidian will position the company well to continue its robust organic growth and acquisition strategy.”
Thomas Mills, FocalPoint’s Managing Director, went on to say that “Praesidian has proven itself to be a cooperative and creative investor in middle market businesses, and we are excited to bring them together with SSA.”
Jason Drattell, Managing Partner of Praesidian Capital, noted that “we are pleased to be working with SSA, which has an effective business model that it can execute efficiently. We thank Nishen and his team at FocalPoint for sharing this unique opportunity with us.”
About Support Services of America, Inc.
Support Services of America, Inc. is one of the nation’s fastest-growing facilities maintenance companies servicing clients throughout North America. Established in 1996, SSA provides services daily to 7,000+ locations across 50 U.S. states totaling over 50 million square feet. The company is an industry-leading Hispanic-owned MBE/8(a) corporation offering contract services in custodial and janitorial services, building maintenance, and integrated healthcare environmental services, among others. SSA is certified by LEED and holds a DOD Secret Facility Clearance and JCAHO Compliance (Joint Commission on Accreditation of Healthcare Organizations).
About FocalPoint Partners
FocalPoint is an independent investment bank, specializing in mergers and acquisitions, private placements (both debt and equity), financial restructurings and distressed transactions. The firm serves middle market clients throughout the U.S. For more information, visit www.focalpointllc.com.
Praesidian Capital partners with small and mid-sized businesses by providing private debt capital. With a focus on its core competency in mezzanine financing, Praesidian invests in established, historically profitable companies often in connection with a management/leveraged buyout, recapitalization or refinancing. Based in New York City, Praesidian manages more than $700 million in committed capital. For more information, visit www.praesidian.com.