Freestone Partners, LLC (“Freestone”) is pleased to announce its acquisition of the assets of Formwork Services and Supply, L.P. (“Formwork”) and related entities in partnership with management and GP Capital Partners, LP (“GP Capital Partners”).
Founded in 1982 and based in Houston, Texas, Formwork is an industry-leading independent provider of complete concrete forming and shoring solutions to the industrial, petrochemical, water treatment, power, infrastructure, sports, medical, and commercial building construction markets. Formwork primarily utilizes a company-owned rental fleet, uniquely comprised of the full spectrum of equipment from well-recognized concrete forming and shoring manufacturers. The Formwork value proposition is excellent customer service through several stages of the concrete forming process. With its experienced sales team and designers, Formwork collaborates with concrete subcontractors to provide CAD-generated, project specific, labor-saving designs and equipment lists related to the concrete pouring needs of a customer. Mike Bishop, Chief Executive Officer of Formwork, stated “I am excited to partner with Freestone and GP Capital Partners. Their experience supporting growing small businesses like Formwork will be invaluable as we prepare for more growth over the next several years. I look forward to strengthening our offerings and continuing to deliver best-in-class service to our customers for years to come.”
Scott Clingan of Freestone Partners asserted, “Formwork is an impressive company and is highly regarded in the marketplace. We look forward to being a strategic partner to Mr. Bishop and the Formwork team to build on the strong foundation Formwork has laid over the past forty years.” Curtis Hartman, Managing Partner of GP Capital Partners, commented, “We look forward to partnering with Formwork and Freestone to drive continued success. The Freestone team is a proven lower middle market investor, and we look forward to working with them. Mike and his team are a welcomed addition to our portfolio.”
Freestone completed its investment in Formwork with a revolving line of credit from Texas Capital Bank and both term debt and equity from GP Capital Partners.
Headquartered in Houston, Texas, Freestone Partners invests in companies with $10 to $50 million in annual revenue with potential for substantial growth. Freestone seeks to partner with management teams and/or selling owners to help small to medium-sized businesses achieve their growth goals. Freestone’s investment philosophy states that value is created by focusing on a few fundamentals: a sound investment process, solid management, viable business strategies, and outstanding operating execution. Freestone values more than the transaction – Freestone values the people involved. For more information, visit www.freestonepartners.com.
GP Capital Partners is a Houston-based private credit and equity investment firm licensed as a small business Investment Company (“SBIC”) by the U.S. Small Business Administration, with $275 million in capital commitments. GP Capital Partners supports privately-held, growth and later stage small businesses in the lower middle market through flexible capital solutions and strategic guidance. GP Capital Partners generally targets companies with at least $10 million of revenue and $2-10 million of EBITDA, with proven business models and seasoned management teams. Founded and managed by four investment professionals with broad regional relationships, GP Capital Partners is committed to partnering with companies and management teams in which it invests to facilitate growth, transition, and success. For more information, visit www.genesis-park.com.