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Graycliff Partners Provides Mezzanine Investment in Tri Con Works

April 02, 2014, 07:33 AM
Filed Under: Energy Services

Graycliff Partners, an independent investment firm focusing on middle market private equity and mezzanine investments, announced it has completed a mezzanine investment in Tri Con Works LP.  Graycliff’s investment provides subordinated debt financing in support of the purchase of a controlling stake in the company by Aperion Management LLC.

Headquartered in Houston, TX, Tri Con provides construction and management services related to landfill gas monitoring and recovery systems, as well as leachate systems and other environmental services, primarily to national waste services providers and municipalities.  Formerly Maza Excavation, Tri Con was formed in January of 1998. In the last five years, Tri Con has drilled over 150,000 feet and installed 2,500 landfill gas wells. In addition to landfill gas systems, Tri Con has installed over 100 leachate collection and storage systems, including turnkey installations of risers, pipeline systems, pumps and essential electrical lines.

“We are pleased to invest in Tri Con and support the buyout of the company by Aperion,” said Duke Punhong, Principal, Graycliff Partners. “Tri Con is an exceptional company with strong leadership and a long history of growth. Together with Aperion’s significant expertise of investing in the waste industry, we see tremendous potential for expansion and growth. We look forward to leveraging our flexible approach and deep investment experience to partner with management and Aperion to see Tri Con through the next stage of growth.”

Graycliff’s investment in Tri Con marks the fourth investment in Graycliff Mezzanine II LP, a fund recently closed with over $250 million in commitments. As with Tri Con, Graycliff will continue to make mezzanine investments out of Graycliff Mezzanine II, LP, partnering with profitable mid-sized businesses providing capital for acquisitions, management buyouts, recapitalizations, growth and development. The firm invests in US businesses with revenues of less than $100 million primarily in the manufacturing, distribution and service sectors.

Graycliff Partners is an independent investment firm focusing on middle-market private equity and mezzanine investments in the United States and Latin America. Graycliff Partners LP is an SEC-registered investment advisor under the US Investment Advisors Act of 1940, as amended. Since 1991, the Graycliff Partners team, previously operating as HSBC Capital, has invested over $1 billion and completed over 80 transactions. With offices in New York and São Paulo, Graycliff Partners seeks to partner with companies led by strong, entrepreneurial management teams, providing capital for acquisitions, management buyouts, recapitalizations, growth and expansion.

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