NEW YORK — August 9, 2016 — Praesidian Capital (the firm), a leading provider of senior and subordinated debt for small and mid-sized companies, reported today it has exited its $20.2 million investment in Filling Machines & Systems, Inc. (FMS), a portfolio company of Evolve Capital, LLC.
In 2013, Praesidian provided first lien debt to Meheen Manufacturing, now an FMS subsidiary that manufactures branded carbonated beverage bottling machines for microbreweries, brewpubs, and other bottlers. A year later, the firm provided first lien and junior subordinated debt to support FMS acquisition of Inline Filling Systems, a premier non-carbonated liquid filling and bottling equipment provider focused on food/beverage, cosmetic, and pharma end markets.
Since that time, the company has more than doubled its EBITDA, primarily through new product development, complementary acquisitions, key management team hires, and the expansion of its international distributor network.
According to Ryan Shultz, Evolve Capital Partner, We are pleased to have enjoyed another great working relationship with Praesidian through FMS. In partnering with Praesidian and the founder of this business, we were able to realize significant value, and we look forward to working with more founders to enhance their companies in the future.
Glenn Harrison, Praesidian Capital Partner, noted that The growth of this company is a testament to the power of collaboration. We never doubted the growth potential of FMS, which proved an excellent investment with an exemplary team behind it, and we are very pleased to have partnered with them and with Evolve.
About Praesidian Capital
About Praesidian Capital Praesidian Capital is an innovative private investment firm focused on providing senior and subordinated debt along with growth capital to private lower middle market businesses in the United States, United Kingdom, Germany, and selectively in Northern Europe. Praesidian invests in established small and mid-sized companies, often in connection with management buyouts, recapitalizations, and refinancings. Based in New York City with an office in London, Praesidian manages nearly $1 billion in committed capital. For more information, visit www.praesidian.com.
About Evolve Capital, Ltd.
About Evolve Capital, Ltd. Launched in 2005, Evolve Capital is a private equity firm focused exclusively on investing in entrepreneurial businesses. Evolve provides business owners with liquidity upfront and also upon exit through their retained equity stake. In between, Evolve provides professional management and a strong partnership, with a focus on positioning each of its portfolio companies to maximize value upon exit. For more information, visit www.evolvecapital.com.
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