RICHMOND, VA – May 3, 2007 – Matrix Capital Markets Group, Inc. announced today that it has successfully completed the sale of Garsite/Progress LLC, to Insight Equity. Garsite/Progress, based in Kansas City, KS is a portfolio company of Chicago-based private equity firm 13i Capital and operates two distinct divisions, Garsite and Progress Tank. The combined entity was sold to Insight Equity, a private equity firm based in Southlake, TX. Matrix served as exclusive financial advisor to 13i Capital on the transaction.
William Suddath, Managing Director and Principal of 13i, commented, “The Matrix deal team of Bill Weirich, Bryan Johnson and Chris Menasco did an outstanding job in representing the interest of 13i , Peninsula Capital Partners LLC, our mezzanine provider, and the management shareholders in this transaction. Matrix conducted an extensive, professional and broad process that ultimately ended with a very successful exit for 13i and Peninsula Capital Partners LLC, and a good partner for management going forward.”
Bill Weirich, Managing Director and Principal at Matrix commented, “We have had an excellent relationship with 13i Capital and are currently working with them on an exit for another one of their portfolio companies. We enjoyed working with William, Ram Thukkaram, Principal and Senior Managing Director, and Peter Miller, their attorney, on this transaction.” Bryan Johnson, Vice President for Matrix added, “We are very pleased with the results of this transaction. We received a great deal of interest from both strategic buyers and private equity firms based on the size of the transaction.”
Garsite is a leading manufacturer of specialized aviation refueler trucks and hydrant carts. Since 1952, Garsite aircraft refuellers and hydrant dispensers have been the refuellers of choice by major aircraft fueling companies, oil companies, airlines, freight distribution companies, and fuel marketers around the globe. Garsite’s refuelers can be found in service at nearly every major U.S. airport and in over 80 countries on six continents.
Progress Tank, founded in Arthur, IL in 1922, is one of the largest global manufacturers of aluminum, steel and stainless steel vacuum tanks. The company’s tanks are used in specialty trucks for refined fuel, heating oil, liquid waste, propane and aviation fuel applications. In addition, Progress manufactures completed vacuum trucks for the portable restroom and septic service industries.
About Matrix Capital Markets Group
Matrix Capital Markets Group, Inc. is an independent, advisory focused, privately-held investment bank headquartered in Richmond, VA. Since 1988, Matrix has provided merger & acquisition and financial advisory services for privately-held, private-equity owned and publicly traded companies. Our primary advisory services include company sales, asset divestitures, recapitalizations, management buyouts, capital raises of debt & equity, corporate recovery, fairness opinions and valuations. Matrix has served clients in a wide range of industries, including industrial manufacturing and distribution, building products, business services, consumer products, healthcare, lumber and petroleum marketing & distribution. For additional information, please visit www.matrixcmg.com.
Securities offered by Matrix Private Equities, Inc., an affiliate of Matrix Capital Markets Group, Inc., Member FINRA, SIPC.