Cadillac: Recapitalization Backed by Seacoast
Deal News | Jan 15, 2025 | Seacoast Capital Managers LLC
Seacoast Capital, a lower-middle market growth capital firm, has recently invested in Cadillac Services to aid in its recapitalization alongside Thesis Capital Partners and Tamarix Capital Partners. Headquartered in Bayamón, Puerto Rico, Cadillac Services is a leading provider of uniform rental, laundry, and dust control services across various sectors including healthcare and retail. The investment aims to provide liquidity for existing shareholders and support Cadillac's growth plans. Tom Gorman, a founding partner at Seacoast, emphasized the firm's excitement in partnering with Cadillac, which has served Puerto Rico for nearly a century. Ian Reynolds, founder of Thesis, praised Seacoast for their experience and flexible investment approach. While the financial terms were not disclosed, the infusion from Seacoast includes a mix of unitranche debt and preferred equity.
Sectors
- Private Equity
- Industrial Services
Geography
- Puerto Rico – Cadillac Services is headquartered and operates primarily in Puerto Rico.
- USA – Seacoast Capital, the private equity firm involved, is based in Boston, USA.
Industry
- Private Equity – Seacoast Capital, as a private equity firm, is the primary investor facilitating Cadillac Services' recapitalization.
- Industrial Services – Cadillac Services operates in the industrial services sector, providing laundry and dust control services in Puerto Rico.
Financials
- Not disclosed – Terms of the transaction between Seacoast Capital and Cadillac Services were not disclosed.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Seacoast Capital Managers LLC | Investor | Company | A lower-middle market non-control growth capital investor. |
| Cadillac Services | Target Company | Company | A provider of uniform rental and repair, laundry, and dust control services in Puerto Rico. |
| Thesis Capital Partners | Lead in Recapitalization | Company | Thesis Capital Partners is leading the recapitalization efforts for Cadillac Services. |
| Tamarix Capital Partners | Co-investor | Company | Tamarix is involved alongside Seacoast and Thesis in the recapitalization of Cadillac. |
| Ian Reynolds | Managing Partner | Person | Founder & Managing Partner at Thesis Capital Partners. |
| Tom Gorman | Founding Partner | Person | Founding Partner at Seacoast Capital. |