HOUSTON , May 24, 2022 /PRNewswire/ -- GP Capital Partners, LP ("GP Capital Partners") is pleased to announce its recent investment in Formwork Services and Supply, LLC ("Formwork" or the "Company"), an industry-leading independent provider of complete concrete forming and shoring solutions to the industrial, petrochemical, water treatment, power, infrastructure, sports, medical, and commercial building construction markets.
The $10.9 million investment consisted of $8 million in senior secured term debt and $2.9 million in common equity. The acquisition of Formwork was led by Freestone Partners and positions the Company for its next phase of growth. Texas Capital Bank provided a revolving line of credit to support the working capital needs of the company.
Mike Bishop , Founder and Chief Executive Officer of Formwork, said, "I am excited to partner with Freestone and GP Capital Partners. Their experience supporting small businesses, like Formwork, will be invaluable as we accelerate our growth over the next several years. I look forward to strengthening our offerings and delivering best-in-class service to our customers for years to come."
Scott Clingan of Freestone Partners added, "Formwork is an impressive company and is highly regarded in the marketplace. We look forward to being a strategic partner to Mr. Bishop and the Formwork team, building on the strong foundation Formwork has laid over the past forty years."
Curtis Hartman , Managing Partner of GP Capital Partners, commented, "We are pleased to partner with Formwork and Freestone to drive continued success of this great company. Formwork is a welcome addition to our portfolio."
Founded in 1982 and based in Houston, Texas , Formwork is an industry-leading independent provider of complete concrete forming and shoring solutions to the industrial, petrochemical, water treatment, power, infrastructure, sports, medical, and commercial building construction markets. Formwork primarily utilizes a company-owned rental fleet, uniquely comprised of the full spectrum of equipment from well-recognized concrete forming and shoring manufacturers. The Formwork value proposition is excellent customer service through several stages of the concrete forming process. With its experienced sales team and designers, Formwork collaborates with concrete subcontractors to provide CAD-generated, project specific, labor-saving designs and equipment lists related to the concrete pouring needs of a customer.
About GP Capital Partners, LP
GP Capital Partners is a Houston -based private credit and equity investment firm licensed as a Small Business Investment Company ("SBIC") by the U.S. Small Business Administration. The Fund supports growth and later stage small businesses in the lower middle market through flexible capital solutions and strategic guidance. The Fund generally targets companies with at least $10 million of revenue and $2 -10 million of EBITDA, with proven business models and seasoned management teams. Founded and managed by four experienced investment professionals with broad regional relationships, GP Capital Partners is committed to partnering with the companies and management teams in which it invests to facilitate growth, transition, and success. For more information, visit www.genesis-park.com.
Headquartered in Houston, Texas , Freestone Partners invests in companies with $10 to $50 million in annual revenue with potential for substantial growth. Freestone seeks to partner with management teams and/or selling owners to help small to medium-sized businesses achieve their growth goals. Freestone's investment philosophy states that value is created by focusing on a few fundamentals: a sound investment process, solid management, viable business strategies, and outstanding operating execution. Freestone values more than the transaction – Freestone values the people involved. For more information, visit www.freestonepartners.com.
View original content:https://www.prnewswire.com/news-releases/gp-capital-partners-invests-in-formwork-services-and-supply-llc-301553863.html
SOURCE GP Capital Partners, LP
Fight back against inflation. This is how Dalio does it.
Stop investing in mediocre businesses. Buy the best, instead.
The stock market pulled back from the brink of a bear market as rate-hike expectations eased, at least for now. Here's what it will take to signal a bottom.
Real estate mogul Barbara Corcoran didn't mince words when asked about Tesla (TSLA) CEO Elon Musk's recent behavior.
Giving too much money to these giants? Then start collecting rent from them.
Five billionaires lost a total of $300 billion recently as their fortunes plummeted during the recent market downturn, according to the Bloomberg Billionaires Index, which is a daily ranking of the world's richest people. The billionaires who lost the most amount of net worth include the world's three richest men, Elon Musk, Jeff Bezos and Bernard Arnault, who is the CEO of luxury goods retailer LVMH Moët Hennessy . Meta Platforms CEO Mark Zuckerberg and Changpeng Zhao, CEO of Binance, a cryptocurrency exchange, saw their fortunes decline by $135 billion.
The stock market ended its multiweek losing streak, and like a sports team that finally got a win, it’s worth celebrating. It just doesn’t mean the team—or this stock market—is any good. “Stocks finally enjoyed a strong bounce this week,” writes Canaccord Genuity analyst Martin Roberge.
Stocks have been inching back in recent days from the brink of bear market territory. It may be time to scoop up shares at steep discounts.
‘I have made an earnest attempt to get the bank to take their money back, so I was wondering if at any point or time the money would become legally mine.’
The stock market selloff has made many stocks look cheap—but smart investors need to be selective. Here are six high-quality companies that trade at reasonable valuations.
Julian Bridgen, co-founder and president of Macro Intelligence 2 Partners, joins Yahoo Finance Live to discuss this week's market action and whether or not it will carry over into next week, the Fed, and inflation.
The top-ranked companies on dividend payout ratios outperformed those stocks with less robust buyback activity—10.9% versus 9.3% on an annual basis over the 20-year period that concluded at the end of 2019.
Here's what a fundamental and technical analysis says about Google stock. GOOGL stock buybacks remain high as web search and YouTube advertising rebound. But cloud computing growth is key.
Yahoo Finance's Allie Garfinkle joins the Live show to detail what was addressed at Amazon's shareholder meeting, including labor unions, shareholder proposals, and what these shareholder proposals mean.
Will we have enough to ‘live a simple life’ in retirement? Many other retirees wonder the same thing as you, and may be in similar financial circumstances where they’re able to pay the bills and have money saved in their retirement accounts. Your interest rate is fantastic, you’re capable of making the monthly payment from just your pension and Social Security without tapping into your 401(k) and you have so much of your home already paid off — all wins.
Despite all the attention that renewable energy companies get, having operations in the renewable energy space alone does not make a stock a buy. In fact, several renewable energy companies are struggling just to stay profitable. Let's discuss two renewable energy stocks that look attractive right now, and one that's best avoided.
Ulta shares are up after its big Q1 earnings beat, Aurora Cannabis increased its finance deal to $150 million, and Blackberry stock is surging after news of its partnership with Google.
Nikola (NASDAQ: NKLA) hasn't posted any significant news since it reported first-quarter earnings earlier this month. Early in Friday's trading session, Nikola shares were 19.6% higher for the week, according to data provided by S&P Global Market Intelligence. More than 20% of Nikola's outstanding shares were sold short, as of mid-May. And because a large number of those shares are held by company executives or in its treasury, 36.5% of Nikola's share float were being shorted by investors, according to MarketWatch.
When looking for the best artificial intelligence stocks to buy, identify companies using AI technology to improve products or gain a strategic edge, such as Google, Microsoft and Nvidia.
Wood's flagship Ark Innovation ETF has fallen 52% this year as technology companies have tumbled.