GulfStar Group Completes Private Placement for Jones Industrial Holdings, Inc.
HOUSTON, Texas (December 5, 2011) — GulfStar Group recently announced that Jones Industrial Holdings, Inc. (Jones) has obtained $7,000,000 of senior subordinated debt financing from Capital Point Partners (CPP). GulfStar served as exclusive financial advisor to Jones and BoyarMiller served as counsel to CPP during the transaction, which closed on November 29, 2011.
The BoyarMiller team was led by Steve Kesten, Shareholder, and included Philip Dunlap, Associate, and Carey Hain, Associate, all in the firm’s Business Group.
Jones is a leading provider of installation, maintenance and repair of critical rotating and reciprocating equipment for customers in the downstream, power and midstream segments of the energy market. The company is headquartered in Deer Park, Texas, and operates as Universal Plant Services in seven facilities across Texas, California, Louisiana and Washington. Jones’ primary customers are industrial facilities, such as refineries and chemical plants, power generation plants, and pipeline transmission and distribution assets.
“This transaction will help us to meet our growth objectives over the next several years,” said Stewart Jones, Executive Vice President of Jones Industrial. “We’re excited about the near- and long-term opportunities for our firm in the midstream and downstream energy segments, and we look forward to a successful partnership with Capital Point,” said Brad Jones, President of Jones Industrial.
CPP, headquartered in Houston, Texas, is a provider of mezzanine securities in a wide variety of transaction types including buyouts, recapitalizations and re-financings, mergers and acquisitions, and growth/expansion situations. Capital Point invests in companies owned by established equity sponsor groups, companies with fundless sponsor involvement and also directly with management teams. Capital Point’s investment sizes typically range from $5-$20 million.
The GulfStar Group transaction team included Managing Director Cliff Atherton, Vice President Chris Coonfield, Associate James Berry and Analyst James Steen. “It was a pleasure working with Jones Industrial on this transaction,” said Cliff Atherton. “Capital Point’s knowledge, experience and capital will assist Jones in meeting the growing demand for their unique service offering. Capital Point was a good choice for the Company. They are local and have the relationship orientation that fits well with a family business like Jones.”
BoyarMiller is a mid-size Houston-based law firm that advances client business goals by bringing new possibilities into focus with confidence and clarity to achieve extraordinary outcomes. Since 1990, we have been providing practical and smart business solutions. Our firm is comprised of two practice groups—business law and litigation—and we serve multinational companies, middle-market businesses and entrepreneurs in need of collaborative and strategic representation. See boyarmiller.com for more information.