Patriot Capital Completes Majority Recapitalization Investment in Central States Bus Sales, Inc.

Central states The bus experts

Patriot Capital, a multi-strategy middle market investment firm, is pleased to announce its recent debt and equity co-investment to support the majority recapitalization of Central States Bus Sales, Inc. (“CSBS”), a multi-state dealer of new and used school and commercial buses intended to serve school districts, municipalities and other organizations. Patriot partnered with Independent Bankers Capital Funds, Capital for Business, Konza Valley Capital and Jeff Reitz, President & CEO of CSBS, in its investment in CSBS.

Headquartered in Fenton, Missouri, CSBS is the largest authorized dealer of Blue Bird Corporation (“Blue Bird”) school buses in the United States, exclusively serving Missouri, Illinois, Kentucky, Tennessee, Arkansas, and Alabama. CSBS has a longstanding relationship with Blue Bird, a leading school bus manufacturer with gas, diesel, low- and zero-emission school buses fueled by propane and natural gas, and electric-powered (EV) buses in operation today.

“We are excited to work with our investment partners to ensure the long-term success of our great company and allow it to grow and expand in the future,” commented Jeff Reitz, President & CEO of CSBS. “We are also pleased that we will be able to continue providing excellent new and used buses and quality service to our customers. You can look for continued investment and growth in the future from CSBS as the Company explores additional opportunities to service our customers and expand our coverage territory, as we just recently started doing in the state of Alabama.”

For more information on this transaction, please contact:
Charles McCusker, Managing Partner
Alex Tyroler, Senior Associate

Patriot Capital Announces Add-On Investment in Maysteel Industries

Maysteel

Patriot Capital, a multi-strategy middle market investment firm, is pleased to announce a recent add-on subordinated debt investment, in support of an acquisition by Maysteel Industries, a portfolio company of Littlejohn Capital.

The acquisition of Star Precision, a full service, sheet metal fabrication, precision machining and complete finishing services company, further develops Maysteel’s capabilities and expands Maysteel’s geographical presence with Star’s facility in Colorado.

Kevin Matkin, Chief Executive Officer of Maysteel, said, “Maysteel participates in a diverse set of defined industries that require durable sheet metal solutions. Star Precision is a complementary addition to our growing platform as we continue to scale and diversify our metal production and machining capabilities. Star Precision is an essential piece to our future success and growth, and we are excited to have the company and its people as part of Maysteel.”

Headquartered in Allenton, WI, Maysteel is a manufacturer of custom OEM sheet metal enclosures, electrical cabinets, and metal fabricated assemblies. Patriot initially invested in the platform in December 2017 at the time of Littlejohn and Maysteel’s acquisition of DAMAC Products, LLC.

Angus Littlejohn III, President of Littlejohn Capital, said, “We are very excited to continue our partnership with Patriot. They are a great team to work with and consistently demonstrate the ability to be responsive and thoughtful.”

For more information on Maysteel Industries, please visit www.maysteel.com/.

For more information on this transaction, please contact:
Stacey Wittelsberger, Partner
Zac Davliakos, Senior Analyst

Patriot Capital Announces Investment in Salem One

salem one

Patriot Capital, a multi-strategy middle market investment firm, is pleased to announce a new debt and equity co-investment in partnership with Granite Creek Capital Partners and existing Salem One management to support the acquisition of iTek Graphics, a prominent printing and graphics company based in Charlotte, NC.

Adding to Salem One’s reach and capabilities, iTek Graphics further solidifies the company as a regional and national leader in complete corporate communications solutions.

As a new division of Salem One, iTek Graphics will continue operating as a stand-alone business unit led by a talented and long-tenured team in Concord, NC. iTek Graphics has built a reputation for its state-of-the-art printing capabilities, innovative design solutions, and unwavering commitment to client success. The acquisition is expected to amplify the company’s current strengths while providing clients with an even more comprehensive range of services.

“We are proud to welcome the team at iTek Graphics into the Salem One family,” said Phil Kelley, Jr., CEO of Salem One. “We have enjoyed a strong relationship with their team over the years and are excited for the opportunities that lay ahead with the joining of our organizations.”

Patriot initially invested in Salem One in August 2023. Headquartered in Winston-Salem, NC, Salem One is a leading provider of corporate communication solutions, including direct marketing, packaging, and logistics services. The acquisition includes an investment from Granite Creek Capital Partners and roll-over investments led by Phil Kelley, Jr., CEO and President of Salem One and Scott Mahoney, a long-time shareholder and previous Chairman of Salem One.

For more information on this transaction, please contact:
Kyle Griffith, Managing Director
Charles McCusker, Managing Partner
Zac Davliakos, Senior Analyst

Patriot Capital Supports Continued Growth of Mod Op

mod op logo

Patriot Capital, a multi-strategy middle market investment firm, is pleased to announce a recent debt and equity co-investment in support of an add-on acquisition by Mod Op, a portfolio company of Alterna Equity Partners. Patriot’s investment in Mod Op facilitated the company’s acquisition of a leading creative agency, Mod Op’s fifth acquisition in 2023.

Headquartered in Miami, FL, Mod Op is a full-service digital marketing agency providing strategy and execution for creative, communications, technology, and digital media, as well as other digital marketing services, to leading brands like Nestlé, John Deere, ExxonMobil, Baha Mar, and more. The company maintains offices in Dallas, Kansas City, Los Angeles, Portland, Minneapolis, New York, Cleveland, and Philadelphia, as well as in Panama City, Panama and Toronto, Canada.

“We’ve known the Patriot team for some time so we are excited to finally partner with them in support of Mod Op,” said Casey Swercheck, Partner at Alterna. “We and the Mod Op management team appreciate their support as we continue to grow the Mod Op platform.”

Danny Speake, Principal at Alterna, added, “The Patriot team was great to work with on this transaction. They were responsive, constructive in their apporach, and easy to work with. We look forward to their ongoing partnership and support.”

For more information on this transaction, please contact:
Jonathon Cope, Principal

Patriot Capital Supports Continued Growth of WF Cabinetry Group

WF Cabinetry A Wellborn Forest Co. Est. 1986

Patriot Capital, a multi-strategy middle market investment firm, is pleased to announce a recent subordinated debt and equity co-investment in support of an add-on acquisition by WF Cabinetry Group, a portfolio company of HCI Equity Partners.

Headquartered in Alexander City, AL, WF Cabinetry Group is a manufacturer of semi-custom kitchen and bath cabinets throughout the South, Northeast, and Midwest regions, going-to-market under the WF Cabinetry and Countryside Cabinets brands. The company recently acquired Woodharbor Molding & Millworks, which is a family-founded business that is based in Mason City, Iowa and specializes in high quality, custom cabinetry and vanities.

“We are excited to partner with Patriot on another investment,” said Scott Gibaratz, Partner at HCI. “We and the WF management team greatly appreciate the support and counsel that they will bring to the platform.”

For more information on this transaction, please contact:
Jonathon Cope, Principal
Zac Davliakos, Senior Analyst

Patriot Capital Announces Investment in Salem One

salem one

Patriot Capital, a multi-strategy middle market investment firm, is excited to announce a new debt and equity co-investment in partnership with Granite Creek Capital Partners and existing management to support the acquisition of Salem One.

Headquartered in Winston-Salem, NC, Salem One is a leading provider of corporate communication solutions, including direct marketing, packaging, and logistics services. The acquisition includes an investment from Granite Creek Capital Partners and roll-over investments led by Phil Kelley, Jr., CEO and President of Salem One, and Scott Mahoney, a long-time shareholder and previous Chairman of Salem One.

“We welcome Granite Creek and Patriot Capital to the Salem One family,” said Phil Kelley, Jr. “Their investment capital will help the company expand our product offerings and broaden our geographic footprint. We are excited for the future of Salem One and the support our new partners bring.”

For more information on this transaction, please contact:
Kyle Griffith, Managing Director
Charles McCusker, Managing Partner
Zac Davliakos, Senior Analyst

Patriot Capital Group Announces an Investment in the Gautier Steel ESOP

Patriot Capital, a multi-strategy middle market investment firm, is pleased to announce an investment in the newly formed Gautier Steel Holdings Inc. (“Gautier” or the “Company”) ESOP. Patriot partnered in the transaction with Mosaic Capital Partners, Tecum Capital and Salem Investment Partners.

Headquartered in Johnstown, PA, Gautier Steel operates a bar mill producing hot rolled carbon and alloy flats and squares, as well as a plate mill offering plate products in tool steel, stainless, and more. While both mills operate in the same location, they had previously been under separate ownership and, through this transaction, will now be under common ownership.  The Gautier facility was originally founded in 1852 and later owned by Cambria Iron Company and Bethlehem Steel Corporation for most of the 19th and 20th centuries.

“We are excited to partner in our first ESOP transaction with a strong, long-standing and leading producer in the steel industry. We believe the consolidation of ownership of the two mills will drive value for all stakeholders of the business going forward,” said Stacey Wittelsberger, Partner of Patriot Capital.

For more information on this transaction, please contact:
Stacey Wittelsberger, Partner
Alex Tyroler, Associate

Patriot Capital Supports Continued Growth of American Equipment Holdings

Patriot Capital, a multi-strategy middle market investment firm, is pleased to announce a recent subordinated debt and equity co-investment in support of an add-on acquisition by American Equipment Solutions, a portfolio company of Rotunda Capital Partners.

Headquartered in Salt Lake City, UT, American Equipment Holdings is one of the largest independently owned overhead crane and hoist, weighing and measurement solutions providers in the country. With more than 60 locations serving over 8,000 customers across the United States, American Equipment’s family of companies provides comprehensive solutions for everything related to customers’ overhead crane and hoist, weighing and measurement needs, including OSHA-mandated inspections, preventative maintenance and repair field services, parts, engineering, new and replacement equipment, automated systems, system modernizations and training.

Patriot initially invested in American Equipment in June 2021 at the time of Rotunda’s formation of the American Equipment Solutions platform. Since 2021, American Equipment has completed 17 acquisitions to significantly expand the company’s breadth and depth of capabilities. The company continues to remain interested in acquiring other overhead crane, industrial scale and material handling equipment, parts and solution providers.

For more information on this transaction, please contact:
Jonathon Cope, Principal
Zac Davliakos, Senior Analyst

Patriot Capital Supports Breck Partners’ Investment in Alloy Wheel Repair Specialists

Patriot Capital, a multi-strategy middle market investment firm, is pleased to announce a new debt and equity co-investment in partnership with Breck Partners, LLC (“Breck”) and existing management to support the acquisition of Alloy Wheel Repair Specialists (“AWRS”).

Headquartered in Norcross, GA, with operations covering 46 states through 12 corporate markets and 85 franchise locations, AWRS is the leading provider of light vehicle aluminum wheel repair, remanufacturing, and wholesale services. The Company serves commercial customers and vehicle owners through a high-touch model, which includes on-site mobile repair units and a network of wheel remanufacturing shops. Both channels produce OEM-quality products with a catalog spanning thousands of colors and finishes.

Breck’s investment will bolster the Company’s ability to continue building on its service-oriented culture and strong operating foundation further to expand its reach and the impact of its services. Brian Steinbrueck, Partner at Breck Partners, commented, “The Patriot team was great to work with on this transaction. They immediately recognized the business opportunity and were incredibly constructive in their approach to providing capital to support the acquisition of AWRS. We look forward to their ongoing partnership and support.”

For more information on this transaction, please contact:
Charles Adams, Associate Managing Director
Alex Tyroler, Associate