Mezzanine

We are patient, long-term investors committed to working with financial sponsors and middle-market companies to provide junior capital in a capital structure that maximizes value and flexibility for all partners.

Investment Criteria

We provide subordinated debt and equity co-investments for buyout, acquisition, growth, and recapitalization transactions. We invest in conjunction with other financial sponsors and on a non-sponsored basis with middle-market companies. We target cash-flow oriented businesses with EBITDA of $5 million or greater and with opportunities for growth both organically and through acquisition. We typically invest $5-25 million in subordinated debt and equity and can arrange larger loans through relationships with our limited partners or other mezzanine lenders.

Fund Name Vintage Year Fund Size Fund Status
Five Points Mezzanine Fund III 2016 $264M Currently Investing
BB&T Capital Partners Mezzanine Fund II 2011 $227M Currently Managing
BB&T Capital Partners/Windsor Mezzanine Fund 2006 $161M Currently Managing

Investment Criteria

Investment Amount

  • $5-25 million (larger amounts with co-investors)

Investment Types

  • Buyouts, recapitalizations, acquisitions

Investment Structures

  • Subordinated debt, second lien and unitranche
  • Equity co-investment

Financial Metrics

  • Revenue greater than $10 million
  • EBITDA greater than $3 million

Target Company Characteristics

  • Proven value proposition
  • Identified organic growth opportunities
  • High free cash flow from operations
  • Experienced management team

Geography

  • United States

Industry Focus

  • Industrial/Commercial services
  • Distribution/Logistics
  • Niche Manufacturing
  • Training/Education
  • Tech-enabled services
  • Marketing services
  • Healthcare