Tampa, Florida – August 24, 2021 - Hyde Park Capital Advisors, LLC is pleased to announce that PirTano Construction Company, Inc. (“PirTano"), a leading Midwest-based infrastructure and utility services-focused underground heavy construction company operating in the communications and sewer & water sectors, has been recapitalized by Rising Point Capital (“Rising Point”). Spring Capital and Medallion Capital provided subordinated debt and equity to support Rising Point’s investment in PirTano. The transaction was supported by PNC Bank providing senior debt financing. Hyde Park Capital served as the exclusive investment banker to PirTano.
Hyde Park Capital Senior Managing Director John Hill commented, “Jack Horn, Mike Piraino and Joe Pantano have built PirTano Construction over the last 37 years into a local Chicago construction powerhouse and leading player in the sewer and water and telecom heavy construction sectors. PirTano is a high quality, large and very successful industrial and business services company that has earned a great brand name serving commercial and residential customers in the greater Chicago market. We thank them for the opportunity to work together to help facilitate a successful transaction with an outstanding and experienced investment partner in Rising Point Capital, who can help them continue to scale the Company and take care of their employees and customers while also providing an attractive exit and retirement strategy for senior management over time.”
On behalf of the ownership team at PirTano, including Mike Piraino, Joe Pantano and himself, Jack Horn commented, “We appreciate Hyde Park’s diligent work and efforts on our behalf to help us identify and close, during the COVID pandemic, a successful transaction that helps us begin to accomplish our long-term goals. We are excited to partner with Mike Drai and Justin Marku at Rising Point Capital and look forward to continued success growing the PirTano business together. “
Mike Piraino, President of PirTano, said, “Joe, Jack and I are thrilled to partner with Rising Point to continue the legacy that we have built over almost 40years. PirTano has established a reputation as a high-quality organization with a deep bench of extraordinary employees and we look forward to continuing to support our customers while capitalizing on opportunities to further grow the business.”
Michael Drai, Managing Partner of RPC, and Justin Marku, Managing Director of RPC, commented on the transaction, “We are excited to partner with Mike, Joe, and Jack in this investment. PirTano has established itself as the leading underground contractor serving a wide variety of customers in the sewer and water and telecommunications sectors. We look forward to continuing to serve those customers with enhanced financial and operational support.”
About PirTano Construction Company, Inc.
PirTano Construction Company, LLC is a multi-dimensional construction company that was founded by Mike Piraino, Joe Pantano, and Jack Horn in 1982. Now spanning almost 4 decades, PirTano has thoughtfully expanded its services from the early days as an underground utility contractor installing sewer and water systems and coax cable throughout the Chicagoland area into three distinct areas of business including Heavy Highway Division, Communications Division, and Communication Installation Division. The Heavy Highway Division provides underground utilities, roads, and site development as a full-service prime contractor for residential home builders, commercial developers, municipalities, departments of transportation, and tollway authorities. The Communications Division builds and splices fiber optic networks, coaxial systems, and conduit/duct systems as a complete turnkey contractor. The Communication Installation Division installs high speed data lines, video security systems, internet, cable tv and telephone for residential and commercial customers. For additional information, please visit www.pirTano.com.
About Rising Point Capital
Rising Point Capital is an investment firm headquartered in Chicago, Illinois founded by Michael Drai and Justin Marku. RPC provides partnership and capital to transform and grow businesses, investing primarily in founder-owned business and consumer services companies in the lower middle market. RPC approaches each investment with the same set of core values: integrity, transparency, authenticity, and open-mindedness. For additional information, please visit www.risingpointcapital.com.
About Spring Capital
Spring Capital Partners was founded in 1999 to provide mezzanine capital to growing small and medium sized businesses. The firm has managed over $600 million of capital and is currently investing out of its fourth fund, Spring Capital Partners IV, a $250 million SBIC. Investments are made in the form of subordinated debt and minority equity typically in the range of $2 million to $20 million per investment. In addition to investing in change of control/buyout transactions with committed private equity funds and independent sponsors, Spring Capital also provides capital to privately held businesses to support acquisitions, growth, and minority recapitalizations. For additional information, please visit www.springcap.com.
About Medallion Capital
Medallion Capital provides ﬂexible debt solutions and non-control equity for a wide range of transactions including sponsored buyouts, management buyouts, acquisition ﬁnancing, recaps, and growth initiatives. We serve the lower-middle market nationwide, giving businesses and their people access to creative capital solutions and long-term investment partners. With decades of investment experience through economic cycles, we understand the importance of patience and emphasizing long-term objectives over short-term obstacles. For additional information, please visit www.medallioncapital.com.
About Hyde Park Capital
Hyde Park Capital is an institutionally focused investment banking firm specializing in mergers and acquisitions and serving the corporate finance needs of middle market public and private companies. Its principals have extensive investment banking experience executing merger and acquisition engagements across numerous industry sectors including industrial and manufacturing, business services, technology, healthcare, consumer and financial. Investment banking services include purchase and sale of company assignments, recapitalizations, financial advisory, fairness opinions and raising growth capital and acquisition financing for companies, including equity, mezzanine, and senior debt. Hyde Park’s bankers have significant experience in the industrials, utilities, and construction services sector. Hyde Park Capital is headquartered in Tampa, Florida and is a member of FINRA and SIPC. For additional information, please visit www.hydeparkcapital.com.
John H. Hill, Jr. Matt Gladdish
Senior Managing Director Vice President
Hyde Park Capital Hyde Park Capital