Kayne Anderson Mezzanine Partners has made a $20m investment in North American interior construction group DIRTT Environmental Solutions. The company also secured a new credit facility and banking relationship with Comerica Bank.
Proceeds from the investment will be used for growth capital as DIRTT “aggressively pursues” new construction opportunities in North America and internationally, and will also support its growth in vertical markets including healthcare, the company said.
DIRTT (Doing It Right This Time) has seen year-over-year revenue growth since sales began in 2005. The company has completed projects in the US, Canada, Saudi Arabia, Lebanon, the UK, Singapore, Hong Kong, and Australia and its expanding partner base now includes South Korea and China.
In addition to the investment from Kayne Anderson, DIRTT is backed by investors including Expansion Capital, NGEN Partners, Apex Venture Partners and Export Development Canada.
“We recognize DIRTT has achieved significant growth over the past year and we’re pleased to work with a company that has a proven record of success,” says JP Michael, senior VP and regional managing director for Comerica Bank, technology and life sciences division. “Our team has the expertise and knowledge to help businesses like DIRTT expand in a number of different markets.”
Edward Cerny, managing partner of Kayne Anderson, added, “DIRTT is truly driving change in the interior construction industry with their integrated use of technology and design. The Kayne Anderson team is excited to support a company that has the potential for long-term growth in an ever expanding market base.”
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