Recapitalizations in 2014

Pillsman Partners, Banyan Investment Partners and Pine Street Capital Partners have completed a recapitalization investment in SST Conveyor, the conveyor components division of SST Bearings (Loveland, Ohio). SST Bearings and its shareholders retain a significant ownership stake and will continue operational oversight; the investment is intended to fund growth initiatives and improve service to the company’s material-handling and distribution customers.

Midwest Mezzanine Funds (MMF) invested $10.0 million in Pohlman Reporting Company to support a transaction in which Cottonwood Acquisitions is acquiring/recapitalizing Pohlman. Pohlman, headquartered in St. Louis, Missouri, provides court reporting, deposition transcription and litigation support tools, including document service and medical-records procurement services.

Cerca Group led a recapitalization of Computer Associates, Inc. (CAI), an ERP software provider serving food, lumber/building materials, precious metals refining, and jewelry manufacturing industries. The investment group included CAI's management team and Main Street Capital Corporation; CAI's founder James H. McCooey remains CEO and a board member, and financial terms were not disclosed.

Greenwich-based Pillsman Partners, alongside RFE Investment Partners and Squan management, recapitalized Squan Construction Services of Englewood, New Jersey to fund continued growth and support the company’s wireless infrastructure services. The transaction closed on October 10, 2014 and was structured as a recapitalization with investor partnership and management participation.

Dobbs Equity Partners completed a recapitalization of The Universal Group Corporation, providing partial liquidity to founders Annik and Nick Smith while the Smiths retain management roles and a meaningful ownership stake. The Universal Group, a distributor of leaf springs and suspension components to truck and trailer OEMs and aftermarket customers, will operate as The Universal Group LLC with capital to support growth and geographic/product expansion.

MTS Health Investors has completed a recapitalization investment in Florida Gulf-to-Bay Anesthesiology Associates (FGTB), partnering with the physician owners to provide capital for future growth. FGTB, based in Tampa, Florida, provides anesthesia and pain management services to hospitals and ambulatory surgery centers in Florida and Indiana; management will retain a significant stake and terms were not disclosed.

Frontenac Co. has recapitalized Cloud Star Corp., a San Luis Obispo–based maker of natural pet treats, grooming products and pet merchandise. The investment from Frontenac’s recently closed fund will support product development and growth; Olivier Amice was named CEO and advisers on the deal included SDR Ventures and Winston & Strawn LLP.

Sayers, a Vernon Hills, Illinois–based IT solutions provider focused on data center infrastructure, enterprise security, and networking, completed a recapitalization led by private equity firm Virgo Capital. As part of the transaction Chris Callahan (previously President) was named CEO while founder Gale Sayers becomes Chairman Emeritus; the recapitalization is intended to support Sayers' next phase of growth and operational expansion.

Denver-based private equity firm Excellere Partners completed investments in Frontline Energy Services (Flagstaff, AZ) and G2 Partners (Houston, TX) to combine the two businesses into an integrity and risk management solutions provider serving the energy and utility industries. The combined company will employ more than 275 professionals across three offices, with founders and senior management of both companies remaining in place; Excellere plans a buy-and-build strategy to expand capabilities and geographic reach.