Parkway Capital Announces Investment in Incorp Holdings
Parkway Capital (“Parkway”), the mezzanine investment business of Calvert Street Capital Partners (“Calvert Street”), is excited to announce an investment in Incorp Holdings. Parkway invested subordinated debt and equity in partnership with Pete Vrettakos, Lowe Capital, Spring Capital, NewSpring Capital, and the senior management team to support the acquisition led by Midwest Growth Partners.
Headquartered in Evansville, Indiana, Incorp is an integrated provider of specialty insulation, scaffolding, and other multi-craft outsourced services across the United States, with a primary focus on the Midwest and Southeast. Incorp offers a suite of critical and highly complementary services in support of customers’ routine maintenance and mechanical service needs, including insulation, scaffolding, heat tracing, abatement, coatings, sandblasting, and siding services. These specialty services have positioned Incorp as a go-to partner for a diverse group of power generation, pulp & paper, food & beverage, and manufacturing customers. The transaction allows Incorp to continue executing its successful growth strategy with the added value of seasoned strategic partners.
ABOUT PARKWAY CAPITAL AND CALVERT STREET
Parkway Capital and Calvert Street joined forces in 2019 to continue their collective legacy of making mezzanine investments in the lower middle market. The investment professionals of Parkway Capital have deployed more than $400 million of capital across 60+ companies since 2000, with a consistent approach focused on lower middle market companies (with less than $15 million of EBITDA) and investment sizes of $3 to $12 million. Parkway is actively seeking new investment opportunities.
Calvert Street is a lower middle market investment firm based in Baltimore, Maryland. Our firm consists of experienced professionals pursuing two distinct investment strategies: (i) equity investments (through Calvert Street) and (ii) mezzanine investments (through Parkway Capital). Our equity team utilizes a research driven approach to identify attractive businesses providing critical services to the industrial and commercial sectors. Our mezzanine team provides flexible junior capital solutions for companies in a broad range of industries including manufacturing, distribution, consumer products, business and industrial services, and healthcare. Collectively, Calvert Street’s and Parkway Capital’s investment professionals have invested in over 120 companies representing cumulative transaction values in excess of $1.5 billion. For more information, please visit www.cscp.com.