Corrpro’s Financial Restructuring Cited as Turnaround Deal of 2004
December 22 2004
The refinancing and recapitalization of Corrpro Companies, Inc. (Amex: CO), the world’s leading provider of corrosion control engineering services, was cited as the 2004 “Corporate Turnaround Deal of the Year” by the M&A Advisor, a leading journal serving the middle-market mergers and acquisitions industry.
Corrpro, based in Medina, Ohio and with annual revenues exceeding $130 million, serves more than 8,000 customers who rely on the Company to control the corrosion of: oil and gas pipelines, tanks, water systems, electric power equipment, transportation systems, bridges, power plants, marine vessels, and military facilities.
CorrPro Investments, LLC, an affiliate of Wingate Partners III, L.P. (Wingate Partners), invested $13 million in capital in Corrpro as part of a refinancing and recapitalization plan. CapitalSource Finance LLC (NYSE: CSE) provided a $40 million senior secured credit facility. In addition, American Capital Strategies Ltd. (Nasdaq: ACAS) provided $14 million of secured subordinated debt.
“Corrpro’s recapitalization helped establish a stable long term capital structure and positions the Company for future growth,“ said Jim Johnson, Principal at Wingate. “Wingate is pleased that the Corrpro transaction has been recognized by its M&A peers.”
Andrew Petryk, Managing Director & Principal with Brown Gibbons Lang & Company (BGL), who served as financial advisor to Corrpro, stated, “Wingate’s knowledge of the industries served by Corrpro, as well as its experience with similar transactions and reputation as a premier private equity firm, made them the top candidate for the recapitalization. BGL is honored to have one of its transactions nationally recognized with an award.”
The M&A Advisor award was presented this month during a ceremony in New York City at which awards were also presented to various other companies and professional advisors to recognize their financial achievements during the past year.
About Wingate Partners
Wingate was founded in Dallas, Texas, in 1987 to purchase controlling equity investments in manufacturing, distribution and service businesses, typically with revenues between $100 million and $500 million. Wingate’s philosophy is to create value by supporting management in their efforts to improve the operations of its portfolio companies. Wingate seeks to acquire either businesses in industries in transition or under-performing companies. For more information, please go to www.wingatepartners.com.
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