Patriot Erectors Has Completed a Majority Recap with Hillstar Capital & Ranch Creek Partners
HOUSTON, May 23, 2018 -- GulfStar Group (GulfStar) is pleased to announce that Patriot Erectors, Inc. ("Patriot" or the "Company") has completed a majority recapitalization with Hillstar Capital, LLC (Hillstar) and Ranch Creek Partners, LLC (Ranch Creek). GulfStar served as the exclusive financial advisor to Patriot throughout the transaction, which closed on May 10, 2018. This is the eleventh steel-related transaction closed by GulfStar.
"We greatly appreciate GulfStar's meaningful efforts and professionalism throughout the transaction process," said Adam Stern, Partner with Hillstar. "We are extremely excited about the opportunity to partner with Parley Dixon and his team and to embark on the next chapter in Patriot's growth."
Founded in 1991, Patriot is a leading steel fabrication and erection company that provides turnkey structural and specialty steel services for commercial, industrial and municipal end markets. Headquartered in Dripping Springs, Texas, the Company has established a blue-chip customer base consisting of the largest commercial development and construction companies. Patriot primarily serves Texas but has completed projects in more than 10 states. It is one of two companies in Texas that is certified by the American Institute of Steel Construction to both construct and erect steel structures.
"GulfStar did a superb job for us, and we are very appreciative of their collective efforts. Not only did they help us navigate the process, but they acted as a true business advisor providing insights and focus that will help us grow in the future," said Parley Dixon, President and Co-Owner of Patriot. Rex Webb, CFO and Co-Owner, added: "Gulfstar's deep knowledge of the industry coupled with its ability to work with first-time sellers far exceeded our expectations."
Managing Director Kent Kahle led the GulfStar team, which included Rupert Gerard, Alex Pette and Miles Jackson.
"GulfStar worked with the Patriot owners for several years, resulting in a transaction that facilitated a well-deserved retirement for Rex and achieved an excellent outcome for Parley and his employees," said Kahle, Co-Founder of GulfStar. "Patriot's partnership with Hillstar and Ranch Creek will provide additional financial strength, insight and relationships to further enhance and improve the services offered, while positioning the Company for expected growth."
About Hillstar Capital
Hillstar Capital is a Dallas-based investment firm focused on lower middle market companies and partnering with owners and management teams to accelerate growth through both organic and acquisition opportunities. Hillstar supports its companies with capital, strong financial and operational expertise, and a growing network of resources
About Ranch Creek Partners
Based in Seattle, Ranch Creek Partners is a private equity investment firm targeting control positions in middle market companies. Ranch Creek takes a long-term approach to value creation and seeks superior financial results by partnering with founders, world class managers and industry leaders to grow portfolio companies over time, whether organically, through acquisitions or a combination of both.
About GulfStar Group
GulfStar is a leading middle market investment bank headquartered in Houston. GulfStar specializes in providing merger and acquisition advisory services, institutional private placements of equity and debt, and general corporate finance advisory services to companies with revenues or enterprise values generally ranging from $25 million to $350 million. Since its formation in 1990, GulfStar has completed more than 675 transactions in 34 states and 16 foreign countries across a variety of industries.
For more information about this transaction, please email kkahle@gulfstargroup.com or call 713-300-2025.
