Seacoast Capital Closes Non-Control Growth Capital Investment in Cambium United
September 13, 2017 --
BOSTON--(BUSINESS WIRE)--Seacoast Capital (?Seacoast), a lower middle market non-control growth capital investor, announced today its $16 million investment in Cambium United (?Cambium). Cambium, based in Plano, Texas, is a diversified holding company consisting of two primary divisions: (i) Cambium Building and Construction Services; and (ii) Sustainable Modular Management. Cambium Building and Construction Services is a holding company established to own operating assets in the portable sanitation rental services industry, currently consisting of two operating companies, MMG and Chem-Can. MMG is one of the largest providers of portable sanitation and ancillary rental services in the Dallas/Fort Worth metro area, having recently expanded operations into the Houston market. Similarly, Chem-Can is the largest provider of portable sanitation and ancillary rental services in Oklahoma. Sustainable Modular Management is primarily engaged in the leasing and sale of highly-engineered, customized, commercial modular buildings for customers encompassing the military, government, education and railroad end markets, among others.
?Our investment in Cambium is a perfect example of Seacoasts primary focus on partnering with management teams for growth purposes, said Jamie Donelan, a Principal with Seacoast. ?Nick and the rest of Cambiums management team have built enviable positions within both the portable sanitation rental services and relocatable modular building industries despite having historically lacked an institutional junior capital partner. Our capital and ongoing support will allow Cambium to opportunistically pursue both organic and acquisitive growth moving forward."
?We had a number of compelling offers on the table, Cambium CEO and majority shareholder, Nick Mackie noted, ?but what set Seacoast apart was their prior experience within, and extensive knowledge of, the portable sanitation services industry, as well as their ability to customize a transaction structure with a mix of debt and equity securities to sync with the needs of our respective businesses. We very much look forward to working with Seacoast over the coming years to accelerate our growth plan in the Midwest and beyond.
Seacoast invested unsponsored preferred equity and subordinated debt in Cambium, which represents Seacoasts second platform investment in the portable sanitation rental services industry. The capital will be used to both recapitalize Cambiums balance sheet and fund certain actionable growth opportunities throughout the United States within both of the Companys business lines. Texas Capital Bank provided senior debt in support of the transaction.
About Seacoast Capital
Founded in 1994, with offices in Boston, MA and San Francisco, CA, Seacoast Capital invests unsponsored non-controlling growth capital in partnership with management in lower middle market companies. Seacoast is industry agnostic and typically invests $5 million to $30 million of capital in companies with $10 million or more in revenue and $2 million or more of EBITDA. Capital is used to support growth, refinancings, acquisitions, shareholder liquidity events, and partnership or management buyouts. Geographically, Seacoast invests anywhere in the United States. Since its inception, Seacoast has managed over $600 million of capital, which the firm has invested in 68 non-controlling transactions. Now managing its fourth fund, Seacoast Capital Partners IV, L.P., the firm continues to actively seek new investment opportunities. Learn more by visiting www.seacoastcapital.com.
Phil Curatilo, 978-750-1319
Principal & CMO