DOTHAN, AL – December 17, 2014 – Construction Partners, Inc. (CPI), a leading infrastructure and road construction company in the Southeast and a portfolio company of SunTx Capital Partners, today announced that it has refinanced substantially all of the company’s existing debt and consolidated its borrowings into a simplified credit structure. Proceeds from the consolidation will be used to fund a cash distribution to SunTx investors and to support the Company’s continued growth. Financial terms of the refinancing and distribution were not disclosed.
Charles E. Owens, President and CEO of Construction Partners Inc., commented “We are pleased to have successfully refinanced and consolidated our credit facilities on favorable terms. With a strong balance sheet and a streamlined credit structure, management is well positioned to continue growing the Company through organic initiatives and strategic acquisitions.”
Ned Fleming, Managing Partner of SunTx Capital Partners, commented, “With an experienced management team and a dedicated work force operating in our nation’s fastest growing region, CPI continues to gain market share and strategically expands its operations.” Mr. Fleming continued, “We look forward to the Company’s continued success.”
ServisFirst and BBVA Compass provided revolving credit facilities, while a CIT-led syndicate structured an asset-based term loan and capex facility. The financing also included a second-lien term loan from The Capitala Group.
About Construction Partners, Inc.
Construction Partners, Inc. (CPI) is a leading infrastructure and road construction company in the Southeast. The Company was founded in 2001 and operates as the corporate management group of the companies it acquires including Wiregrass Construction (Alabama), C.W. Roberts Contracting (Florida), Everett Dykes Grassing (Georgia) and Fred Smith Company (North Carolina). CPI is a portfolio company of SunTx Capital Partners. More information about CPI and its related entities can be found at www.constructionpartners.net.
About SunTx Capital Partners
SunTx Capital Partners, LP (SunTx), is a Dallas, TX based private equity firm that invests in middle market manufacturing, distribution and service companies. SunTx specializes in supporting talented management teams in industries where SunTx can apply its operational experience and financial expertise to build leading middle-market companies with operations typically in the Sun Belt region of the United States. SunTx was founded in 2001 and currently has over $600 million assets under management. The capital committed by SunTx comes from the principals of SunTx as well as from institutional investors, including leading university endowments and corporate and public pension funds. More information about SunTx can be found at www.suntx.com.
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