Lutherville, Md.-based Parkway Capital, the mezzanine unit of Calvert Street Investment Partners, has made an undisclosed investment in Tulsa, Okla.-based Mike Alexander Company, or MALCO.
The transaction, Sidereal Capital Group, was part of a recapitalization of the specialty manufacturer under a partnership with senior management. Parkway and Farragut Capital Partners invested in subordinated debt and equity.
Founded in 1982, MALCO makes hardware anchors to secure refractory materials in high-temperature environments, such as kilns and furnaces. Its products are used in petrochemical, cement, steel and power-generating plants. MALCO also provides custom metal fabrication services for just-in-time deliveries, allowing customers to minimize plant downtime caused by outages.
Calvert Street Investment Partners, which also has offices in Newton, Mass., operates two units — Parkway Capital, which provides flexible junior capital solutions to lower-middle market companies, and Crescentia Capital, which is in private equity.
Parkway Capital makes mezzanine debt and minority equity investments of between $3 million and $12 million per transaction. Typically, it invests in companies with $10 million in annual revenue and $2 million of EBITDA. Since its inception, Parkway Capital has invested over $500 million. Its over 70 portfolio companies span manufacturing, distribution, consumer products, business and industrial services, and healthcare.
Andrew John, Drexel Knight and Christopher Pope serve as Parkway Capital’s partners. John is also a member of Calvert Street’s Executive Leadership Committee. Andrew Silverman, who previously served Capital Resource Partners, serves as Parkway Capital’s managing director.
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
Michael Booth, a former Ernst and Young executive, serves as Crescentia Capital’s chief investment officer. At Ernst and Young, Booth provided M&A advice to both private equity and corporate clients.
Brian Guerin is the private equity unit’s managing partner. He specialized in M&A transactions between private equity firms and middle market companies while working in the Corporate Finance and Due Diligence groups at Ernst & Young. He has also previously worked in Arthur Andersen’s audit practice.
Crescentia Capital partners with families and owner-operators to drive value creation in the lower middle market. It leverages a “three-pillared” investment approach that builds on the skills and experience of its investment and operating professionals.
