Boathouse Capital Invests in Energy Planning Associates Corp.
May 1, 2012
Boathouse Capital, a middle market mezzanine debt and equity investment fund located in suburban Philadelphia, is pleased to announce the funding of a new portfolio company, Energy Planning Associates Corp. (EPAC) on March 30, 2012.
Boathouse Capital invested subordinated debt, along with capital from EPAC’s founders and co-principals Mike Brennan and Jason Plourde, in support of the company’s continuing growth. Additionally, Wells Fargo provided senior debt financing.
Established in 1994 and headquartered in Sanford, Florida, EPAC is a custom manufacturer of energy efficient lighting fixtures for commercial applications. The company’s products improve the efficiency of lighting produced by fluorescent and light-emitting diode (LED) lamps in order to reduce the fixtures in use and lower energy consumption. By using EPAC’s products, facility owners can realize an average return on investment (ROI) in excess of 40%. Today, EPAC offers more than 300 products for indoor and outdoor applications and is a supplier to several of the world’s leading lighting manufacturers and lighting contractors.
Prior to the transaction, EPAC was 100% employee-owned through an employee stock ownership plan (ESOP). By partnering with Boathouse Capital, EPAC was able to provide liquidity to its employees for their equity ownership while the ESOP retained a significant ownership interest in the company that will allow the management team and employees to participate in the company’s continued growth. Additionally, the transaction provides capital to facilitate EPAC’s growth plans, including new product development and expansion into complementary business lines.