Spring Capital Partners IV, L.P. has invested in subordinated debt and preferred equity to support New York-based private equity firm Hemingway Capital’s acquisition of Chibuzo, an Arkansas maker of wooden pallets. Timonium, Md.-based Parkway Capital, a unit of Calvert Street Capital Partners, and IBC Funds also participated in the funding for Hemingway.
With a 90-year history, Fort Smith, Ark.-based Chibuzo makes wood pallets and crating. It is run in two units — General Pallets & Crates, and Southland Manufacturing.
Spring Capital was co-founded by Bob Stewart and Michael Donoghue in 1999. Stewart earned an MBA in Finance from Wake Forest University and a B.A. in Government and Foreign Affairs from Hampden-Sydney College. Donoghue has an MBA in Finance from University of Virginia’s Darden School of Business, and a bachelor’s degree in Foreign Service from Georgetown University.
Over $600 Million Raised
In four funds, Spring Capital has raised over $600 million, and invested in over 75 companies across a broad range of industries, providing mezzanine capital to small- and medium-sized businesses. Currently investing out of its fourth fund, Spring Capital’s recent investments include Nine Outstaffer, SocialClimb, Dogu, V12 Data, OJ Medtech, Green Cloud Defense, Tapad, Cross Mediaworks and Keystone Ranger Holdings.
Typically, Spring Capital invests between $2 million and $20 million in subordinated debt and equity, supporting growth initiatives, strategic acquisitions, management buyouts, and sponsor-led recapitalizations.
Hemingway Capital specializes in funding lower middle-market industrial companies, offering them flexible capital, and deep operating experience to optimize growth. Its Beckway affiliate provides portfolio companies targeted improvement initiatives and board-level guidance.
Commercial Real Estate
MacKenzie Companies
Advertising / Media / Communications / Public Relations
Nevins & Associates
Financial Services / Investment Firms
Chesapeake Corporate Advisors
Commercial Real Estate
Monday Properties
Venture Capital
Blue Delta Capital Partners
Internet / Technology
Foxtrot Media
The firm has three partners — Mike Thompson, Mark Habner, and Chris Nizolek.
Thompson, a 40-year industry veteran, has held executive roles with Rubbermaid, Masco Corp., and Black+Decker. Habner leads Beckway Group’s four divisions — Hemingway Capital, TalentFinders, Trailblazers and Tracking Technologies. He previously held senior positions at SSA & Company, and RMB Capital Partners.
Nizolek has over 15 years’ experience in private equity, operations consulting and investment banking. Among other things, he has advised on restructuring, M&A and capital markets transactions worth over $10 billion.
