Backs private equity sponsor Building Industry Partners in forming new fencing distribution & installation platform.
LOS ANGELES, MAY 2016 – Breakwater Management, LLC (“Breakwater”) is pleased to announce the recent closing of debt and equity financing in conjunction with Building Industry Partners’ purchase of Split Rail Fence & Supply Co. (“Split Rail”). Breakwater provided a second lien loan and minority equity co-investment through its direct lending vehicle, the Breakwater Credit Opportunities Fund, LP. Based in Los Angeles, Breakwater is a private investment firm that specializes in direct debt and equity investments in leading lower middle market companies.
Eric Beckman, Managing Partner at Breakwater commented: “BIP is a leading private equity investor in the building products sector, and we are thrilled to support them in this marquis transaction. We look forward to a long-term partnership with BIP and the Split Rail management team, and are excited to provide the company additional growth capital in the future.”
BIP Founder Matt Ogden stated, “This was our first time working with Breakwater, and they showed flexibility and creativity in this financing.” BIP Managing Partner Zach Coopersmith added, “The Breakwater team emphasized integrity and partnership as key tenets of their approach, and they delivered in both regards. We look forward to working with them again soon.”
Breakwater Management is a private investment firm that specializes in direct investments in lower middle market growth businesses. The firm serves as General Partner of Breakwater Structured Growth Opportunities Fund, LP, a $100 million open-ended private investment partnership organized in August 2008 under Delaware law. The Fund’s investment objective is to generate both current income and capital appreciation through secured debt investments accompanied with equity participation rights, primarily in growth-oriented companies across a variety of industries.
To learn more about Breakwater, visit www.breakwaterfunds.com or call (424) 777-4000.
Building Industry Partners is a private growth equity investment firm focused on the U.S. middle-market building products industry. The firm seeks to partner with proven building industry operators who either own or want to acquire a niche-focused building products manufacturer, distributor and/or provider of specialty services.
Split Rail was founded in 1974 and today is the leading fencing supply and installation business in the Front Range of Colorado. Split Rail has over 120 employees, with locations in Littleton and Dacono, and serves the markets’ local, regional and national homebuilders, homeowner associations, multi-family and commercial builders and developers, municipalities, fencing and remodeling contractors, and homeowners. Split Rail has a legacy of more than 40 years in the Colorado community and building industry, with an estimated 100,000+ Split Rail banners displayed on fences throughout the Front Range of Colorado.
For more information, please visit www.splitrailfenceco.com.