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PORTA-JON of the Piedmont, Inc.
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2007 Update - Business Services
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“McColl Partners was truly a partner for us in this transaction. When we first met, we were considering a variety of strategic alternatives, including a sale, recapitalization, or minority equity raise. Through their process, McColl delivered us multiple alternatives and was a passionate advocate in helping us achieve our ultimate objectives. They delivered senior level attention, process expertise, and a high level of commitment and service to our team. We would highly recommend them to any family-owned business considering strategic alternatives.”
Ned Carpenter
President
PORTA-JON of the Piedmont, Inc.
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“Ned Carpenter and Flay Anthony, the owners of PORTA-JON, have done an incredible job of growing the company both organically and through acquisitions to the preeminent position within their targeted markets. Their commitment to high quality service, employees, and customers is a great example for family-owned business owners. The creation of Portable Facilities Holdings creates a strong platform for future expansion in a highly fragmented industry."
Phil Colaco
Managing Director
McColl Partners, LLC
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Deal Summary
McColl Partners, LLC announced today that it has advised PORTA-JON of the Piedmont, Inc. (“PORTA-JON”) in its recapitalization by Prometheus Partners (“Prometheus”). As part of the transaction, Prometheus will combine the operations of PORTA-JON and Spanky’s Portable Services, Inc. (“Spanky’s”), an existing portfolio company of Prometheus, to create Portable Facilities Holdings, Inc. (“Portable Facilities”). Phil Colaco led the execution of the transaction and was supported by Denis Ackah-Yensu, Aarti Maheshwari, and David DeMasi.
Through its two operating subsidiaries, Portable Facilities will maintain a leadership position across the Carolinas and Southern California, with over 19,000 portable restrooms. Flay Anthony and J. P. O’Neil will remain as Presidents and Chief Executive Officers of PORTA-JON and Spanky’s, respectively, and Ned Carpenter will be the chairman of the combined company.
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About PORTA-JON of the Piedmont, Inc.
PORTA-JON, based in Gastonia, North Carolina, provides portable restroom and construction debris services for residential and commercial construction sites across North Carolina and South Carolina. Established in 1969, PORTA-JON serves leading commercial and residential builders, special event coordinators, and public works projects across a 14-county market. As a result of strong organic growth, strategic acquisitions, and talented management, PORTA-JON has established a market leadership position with over 7,200 portable restrooms and a suite of complementary service offerings.
About Prometheus Partners
Prometheus Partners is a smaller middle-market private equity firm based in Atlanta, Georgia. Prometheus seeks to invest in growth companies within fragmented industries that are undergoing consolidation, with a primary focus on route-based service businesses and nationally-franchised restaurants. Acquired by Prometheus in 2004, Spanky’s is a provider of portable restroom services for residential and commercial construction sites, and special event coordinators in Southern California. Over the last four years, the company has grown to become the market leader in Southern California with a leading market position in San Diego County, San Bernardino County, and Riverside County.
About McColl Partners, LLC
McColl Partners is an independent investment banking firm specializing in the needs of management and owners of middle-market companies. With significant experience working with private equity groups, entrepreneurs, family-owned businesses, public companies, and divisions of larger companies, the firm is dedicated to offering strategic advice and assistance to its clients regarding mergers and acquisitions and private capital raising assignments.
To learn more about our experience in the business services industry, please contact Phil Colaco or Brian Davis at 704-333-0525. More information about McColl Partners can be found at www.mccollpartners.com. |
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