Cordova, Smart & Williams, LLC Invests in Sprint Industrial Holdings LLC
New York, NY, October 31, 2007 — Cordova, Smart & Williams, LLC (“CSW”), a middle market private equity firm, announced that it has completed an investment in Sprint Industrial Holdings LLC (“Sprint”). With operations in Texas and Louisiana, Sprint is a premier provider of liquid and solid storage solutions and technical safety solutions primarily to the downstream energy and industrial markets in the Gulf Coast region of the United States.
The Company’s storage segment, (“Tidal Tank”) provides the industry’s newest and most thoroughly maintained rental fleet of premium liquid and solid storage tanks. The Company’s safety segment (“Sprint Safety”) delivers comprehensive and critical safety services and technical equipment. Sprint is the only industrial maintenance service provider to offer both storage and safety solutions across its markets.
With a primary focus on the refining and petrochemical / chemical markets, the Company benefits from the following key long-term trends that are driving growth of industrial maintenance and safety spending: i) inelastic demand resulting from customers’ perpetual production and recurring maintenance schedules; ii) high facility utilization rates, which necessitate extensive maintenance programs; iii) on-going capacity expansion and upgrade projects to address continuous demand increases for refined products; iv) increasingly stringent regulatory requirements and a heightened focus on improving employee safety in light of recent industrial accidents; v) growing preference for outsourcing; and vi) consolidation of purchases with fewer, more qualified vendors.
CSW partnered with First Atlantic Capital, Ltd., (“First Atlantic”) and management to complete the acquisition of Sprint. Goldman Sachs’ GS Direct, LLC, unit as well as Oaktree Capital Management, LP also invested in the deal.
Michael Smart, a Managing Partner of CSW, stated "The industrial safety and maintenance sector is one in which we have evaluated and pursued investment opportunities in with our Partner, First Atlantic, during the past 18 months. We believe it is a sector that is well positioned for significant future growth. We are very excited to be partnering with such a seasoned group of operating executives led by Jake Davis, Founder, President & CEO, of Sprint". Mr. Smart will join the Board of Directors of the Company.
About Sprint Industrial Holdings LLC
Founded in 2001 with operations in the Gulf Coast region of the United States, Sprint is a premier provider of liquid and solid storage solutions and technical safety solutions primarily to the downstream energy and industrial markets. Sprint’s two complementary business segments (the storage segment or Tidal Tank and the safety segment or Sprint Safety) address a wide range of specialized industrial maintenance needs for a common customer base. For more information on Sprint’s business and operations visit www.tidaltankonline.com and www.sprintsafetyonline.com.
About Cordova, Smart & Williams, LLC
Cordova, Smart & Williams, LLC, is a New York based private equity firm specializing in leveraged buyouts, recapitalizations, and growth capital financings for middle market companies in the general industrial and consumer products sectors. For more information, visit www.cswprivateequity.com.