Fort Point Capital Completes Refinancing of Church Services
August 11, 2015
BOSTON, MA. Fort Point Capital ("Fort Point") announced the completion of the recapitalization of its portfolio company, Church Services ("Church" or the "Company"). Fort Point initially acquired a majority interest in Church, a leading provider of residential repair and maintenance services in Texas, in March 2012. The recently completed recapitalization consisted solely of senior debt provided by funds managed by Deerpath Capital Management, LP and enabled Church to refinance its existing senior and mezzanine debt.
"The new capital structure significantly reduces Church’s debt service obligations and allows the Company to have the flexibility to pursue its add-on acquisition and greenfield strategies as well as to invest in its fleet and technology initiatives," said Christina Pai, a Partner at Fort Point. "We look forward to continuing to grow the Company with our new partners."
"We appreciate Fort Point’s financial expertise and support in helping us to align our capital structure with our strategic and operational goals," said Brian Alexson, Chief Executive Officer of Church Services.
About Church Services
Founded in 1990, Church Services is a leading regional provider of HVAC, plumbing, electrical, foundation repair and pest control services to residential and light commercial customers. The Company is headquartered in Houston, TX and has additional branches in Dallas, TX and Austin, TX. In 2014, the Company completed over 50,000 service calls.
About Fort Point Capital
Based in Boston, Massachusetts, Fort Point Capital is a private equity firm that invests in lower middle market, service-oriented companies in partnership with strong management teams. Fort Point Capital is currently investing from FPC Small Cap Fund I. Please contact Fort Point at (617) 302-2444 or visit www.fortpointcapital.com.