July 21, 2021
July 21, 2021
Parkway Capital is Pleased to Announce the Successful Closing of PCI II, LP
Parkway Capital, the mezzanine finance affiliate of Calvert Street Capital Partners, announced the final close of PCI II, L.P. ("PCI II" or the "Fund") at $126 million. The Fund, which is licensed as a Small Business Investment Company (“SBIC”) by the U.S. Small Business Administration, reached its hard cap at 20% above the original target. PCI II received strong support from a diverse group of banks, family offices, insurers, and individuals.
Consistent with the investment strategy of its predecessor funds, PCI II will provide investors with the opportunity for both current income and long-term capital appreciation through investments of debt and equity in lower middle-market companies. The Fund will lead or co-lead sponsored and unsponsored transactions with targeted initial investment amounts ranging from $5 - $20 million.
Chris Pope, Co-Founder of Parkway, commented: “We appreciate the continued support of our existing investors and are grateful for the strong interest from a new broad-based group of Limited Partners.”
Andy John, added: “We have an outstanding team and are actively investing in strong companies with established track records of success in the lower middle market.”
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 with offices in Baltimore, Maryland and Boston, Massachusetts. 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.
PARKWAY CAPITAL OVERVIEW
Since 2000, the Parkway Capital team has partnered with management teams, funded and independent sponsors to invest more than $400 million in over 60 companies. Parkway invests in a broad array of industries, with significant experience in value-added distribution, business services, niche manufacturing, industrial services, consumer services and health care. The Fund focuses on making unitranche, mezzanine debt and preferred and/or common equity co-investments of $3 million to $12 million in mature companies with $10 million or more in revenue and $2 million or more in EBITDA.
KEY CONTACTS FOR INVESTMENT OPPORTUNITIES
| Andy Silverman asilverman@cscp.com 443-573-3709 |
Nelson Westwood nwestwood@cscp.com 443-573-3712 |
CONTACT INFORMATION FOR PARKWAY CAPITAL TEAM
|
Michael Coiro |
Andy John |
Drex Knight |
Chris Pope |
Christine Vaile |
ABOUT PARKWAY CAPITAL AND CALVERT STREET
Parkway joined the Calvert Street Capital Partners platform in 2019 to launch PCI II.
Calvert Street Capital Partners is a multi-fund management company formed in 1995 to pursue investment strategies focused on the lower middle market. In addition to Parkway, the firm’s debt strategy, the Calvert Street team makes control equity investments and utilizes a research driven approach to identify attractive businesses providing critical services to the industrial and commercial sectors. 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.
