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LBC Credit Partners Supports Refinancing and Add-on Acquisition for Evercast

June 11, 2021, 07:39 AM
Filed Under: Construction

LBC Credit Partners provided a senior secured credit facility to support the refinancing of Evercast, add-on acquisition of Precast Supply Company, and future acquisitions. Evercast is a portfolio company of PNC Mezzanine Capital and Cornerstone Capital Partners.

LBC served as Agent and Sole Lender for the senior secured credit facility.

Evercast is a leading specialty precast and prestressed concrete producer in the Mid-Atlantic and Southeast United States. Evercast offers a wide range of infrastructure and utility products for bridges, transportation, utilities, and walls, as well as specialty concrete solutions for customers.

Precast Supply Company is located in North Carolina and specializes in manufacturing precast concrete products for a variety of applications and end markets, serving customers across the Carolinas and surrounding markets.

Based in Pittsburgh, Pennsylvania, PNC Mezzanine Capital provides subordinated debt and equity investments to fuel value creation for private equity firms, independent sponsors, and middle market management teams. PNC Mezzanine Capital provides flexible combinations of junior capital and seeks to invest in sectors where the firm has significant experience, including niche manufacturing, value-added distribution, business services and consumer services.

Cornerstone Capital Partners, Inc., a private investment firm founded in 1990, acquires or recapitalizes companies with the potential for profitable growth. Cornerstone’s strategy is centered on investing in companies with strong management, an attractive business model, and the potential to develop a leading market position. Cornerstone invests in companies that manufacture or distribute commercial and industrial products or provide business services.

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