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South Franklin Street Partners Provides Mezzanine Financing To Wessels Company
Cleveland, Ohio (February 24, 2005) -- South Franklin Street Partners' Mezzanine Fund (ACP-I, L.P.) provided subordinated debt (with detachable warrants) to Wessels Company, a niche provider of ASME (American Society of Mechanical Engineers) certified and non-ASME certified pressure vessels for commercial and industrial fluid control applications. Products manufactured and marketed by Wessels are used in chilled and hot water HVAC systems to control fluid under pressure by absorbing the expanding fluid and limiting the pressure within a heating or cooling system. The company has one of the most diverse product portfolios, including expansion tanks, hydro-pneumatic tanks, thermal expansion tanks and other specialty and custom tanks, dedicated to serving OEMs, dealers and distributors in North America, Asia and the Middle East.
The investment in Wessels, headquartered in Greenwood, Indiana, was made in support of Alpha Capital Partners' acquisition of the Company.
About South Franklin Street Partners
South Franklin Street Partners, through its mezzanine fund, ACP-I, L.P., is in the business of investing junior capital in middle market companies with annual revenues between $10 million to $150 million. ACP-I utilizes its capital to fund buyouts of minority or majority shareholders, ESOPs, non control recapitalizations, generational transfers, acquisitions, or to facilitate the growth of profitable middle market businesses. ACP-I's target investment size is $2 million to $10 million but can provide additional capital in conjunction with affiliated investors. ACP-I normally invests subordinated debt with warrants or preferred stock with an equity participation feature. Other structures will be considered, where appropriate.
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