Calvert Street is Pleased to Announce Mezzanine Investment Strategy
Chris Pope and Drex Knight, Co-Founders and Principals of Parkway Capital, have joined Calvert Street to lead the firm’s mezzanine investment business. They will be joined by Andy John, a partner at Calvert Street, and Mike Coiro, Executive Managing Director of Investment Banking for CFG Capital Markets. The mezzanine team will continue to use the Parkway Capital brand to differentiate its investment strategy from Calvert Street’s control equity investment activity, and they will focus on making subordinated debt and minority equity investments in lower middle market companies.
Parkway Capital has been making mezzanine investments in the lower middle market for nearly 20 years. Combined with Calvert Street’s prior mezzanine business, the team has deployed more than $400 million of capital across 60+ companies since 2000. Importantly, the investment approach has remained consistent since inception, and there will be no change in the target market (companies with less than $15 million of EBITDA) or investment size ($3-12 million) moving forward.
Josh Hall, a Founder of Calvert Street, commented: “We are delighted to add Chris, Drex and Mike to our team as we relaunch our mezzanine business. With all of the uncertainty surrounding the COVID-19 pandemic, we are pleased to be able to take this positive step forward. Mezzanine investing is an ideal complement to Calvert Street’s lower middle market control equity investment strategy, and we are excited to build upon the successful track record of the team’s prior mezzanine experience.”
“Calvert Street is a perfect fit for Parkway,” added Chris Pope, Co-Founder of Parkway. “Drex and I have a long history of working with Andy, going back to our banking days. The Calvert Street platform provides significant resources for our mezzanine investment strategy, in terms of access to deal flow and back office compliance and fund operations.”
ABOUT CALVERT STREET
Calvert Street Capital Partners is a Baltimore, Maryland-based private equity firm focused on investing in lower middle-market companies. Since its inception in 1995, Calvert Street has partnered with skilled management teams of privately held businesses to drive profitable growth and organizational transformations.
For more information, please go to www.cscp.com