Praesidian Capital invested $11.25 million in first lien debt and $500,000 in Meheen Manufacturing to support Evolve Capital‘s investment in the company. Pasco, Wash.-based Meheen makes carbonated beverage bottling machines for microbreweries, brewpubs, water, tea, cider and other bottlers. Meheen is the second of Evolve’s portfolio companies that Praesidian has invested in within the past year.
PRESS RELEASE
NEW YORK–(BUSINESS WIRE)–Praesidian Capital (“the Firm”), a leading provider of senior and subordinated debt for small and mid-sized companies, announced today it invested $11.25 million in first lien debt and $500 thousand alongside the sponsor, to support Evolve Capital, Ltd.’s investment in Meheen Manufacturing, Inc. This is the second of Evolve’s portfolio companies in which Praesidian has invested within the last year.
Meheen Manufacturing provides carbonated beverage bottling machines that fill and cap glass and aluminum bottles. Its founder, engineer and former brewer Dave Meheen, designed the “Merlin” bottling machine for the growing craft brewing industry and has expanded into other industries. The Merlin offers its customers unmatched bottling qualities by utilizing sophisticated computer controls to manage product pressure, filling and foaming. Meheen also offers a tank manager that supports the bottling process by precisely controlling tank pressure, carbonation and temperature.
“We are excited to welcome Praesidian and Evolve Capital as partners,” Meheen stated. “With their support, we can build our management and sales teams and take our company to the next level.”
According to Ryan Shultz, Partner of Evolve Capital, “This company has tremendous upside. We are glad to partner again with Praesidian on another unique transaction.”
“We see great value in this business,” noted Glenn Harrison, Partner of Praesidian Capital. “Meheen holds a strong position in the growing craft brewing industry and has partners in place to continue its growth.”
About Meheen Manufacturing, Inc.
Founded in 1992 by Dave Meheen, an engineer and former brewery owner, Meheen manufactures branded carbonated beverage bottling machines for microbreweries, brewpubs, water, tea, cider and other bottlers. Distributing internationally, Meheen’s primary product is the Merlin, a one-of-a-kind instrument that offers unmatched bottling quality. Designed by Dave Meheen, the Merlin utilizes sophisticated computer controls to manage product pressure, filling and foaming. The company is based in Pasco, WA.
About Evolve Capital
Launched in 2005, Evolve Capital is a private equity firm focused exclusively on investing in entrepreneurial businesses. Evolve provides business owners with liquidity up front and also upon exit through their retained equity stake. In between, Evolve provides professional management and a strong partnership, with a focus on positioning each of its portfolio companies to maximize value upon exit. For more information, visit www.evolvecapital.com.
About Praesidian Capital
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.
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