Tim Fay, Seacoast Capital partner, said, “The company’s strong performance over the past five years relative to its peers has enabled Northwest Cascade to capture significant market share within existing end markets.
“We’re honored and excited to take part in the next phase of Northwest Cascade’s growth as it expands into new geographies and builds on its reputation as one of the leading portable sanitation providers in the US.”
Seacoast refused to comment on the terms of the recapitalisation.
Only yesterday Seacoast announced a final close of $150m for its third mezzanine fund. Apart from Northwest, the fund has backed two companies to the tune of $15m.
Thomas Gorman, Seacoast Partner, told AltAssets that the firm currently has another company under a letter of intent, but refused to disclose what it was.
He said the third fund was backed primarily by LPs such as family offices, banks and insurance companies.
Seacoast’s last mezzanine vehicle was closed on $100m in 2002, while its debut hit a similar close in 1994.
The firm typically provides between $3m and $12m of debt and equity capital for acquisitions, growth, shareholder buyout, MBOs and leveraged recapitalisations to provide shareholder liquidity.
It generally targets companies with minimum revenues of $10m and EBITDA of $2m, and has invested more than $245m in across over 20 states since raising its first fund in 1994.
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