Boxwood continues to build upon its track record in the middle market as Boston Barricade Holdings, Inc. becomes an ESOP in partnership with Mosaic
RICHMOND, VA / ACCESSWIRE / July 22, 2019 / Boxwood Partners, LLC is pleased to announce the sale of Boston Barricade (the "Company") to Mosaic Capital Partners ("Mosaic"), a Charlotte, NC private equity firm. Boston Barricade Holdings, Inc., in partnership with Mosaic, is now an employee-owned company (“ESOP”) alongside the closing of the transaction.
Boxwood Partners acted as the exclusive advisor to Boston Barricade with respect to this transaction. The transaction was led by Managing Partner J. Patrick Galleher, Brian Alas (Director) and Madison Day (Senior Analyst). The terms of the deal were not disclosed.
Founded in 1992, Boston Barricade is a leading provider of modular enclosures, in-store installation services, and custom graphics for a variety of customers including retailers, mall developers, general contractors and airports. The Vero Beach, FL-based company operates 13 service centers across the United States, allowing the Company to serve a national customer base.
“Our partnership with Mosaic and the new ESOP structure represents the perfect cultural fit for our organization. We are excited to take the company to the next level with direct participation from our tenured and dedicated workforce,” said Bob Putnam, CEO of Boston Barricade.
The Company has continued to stay ahead of market trends, launching the Boston Installation Group (“BIG”) in 2018. In addition to providing custom enclosures and graphics, the Company now has an in-store installation division, allowing the Company to truly be a one-stop shop for retailers. The Company’s capabilities are perfectly suited to capitalize on the evolving brick-and-mortar industry, as many companies are shifting their focus from geographic expansion toward interior development. Changes in demographic and technological environments have ushered in the era of “retail-tainment”, characterized by in-store experience and high lease turnover.
Dabney Smith, the lead partner from Mosaic on the transaction, said, “We are very excited to partner with Bob and his team at Boston Barricade and were extremely impressed with the Company’s commitment to its employees from our initial meetings. We believe the Company truly provides value-added service to its customers and has a proven ability to innovate as consumer trends continue to evolve. Most importantly, we are excited to provide the opportunity for the Company’s employees to participate in the future success of the business.”
Bob Putnam and his team were pleased with the transaction as they commented, “I would also like to thank the Boxwood team for their crucial role in helping us identify the right partner and transaction structure for Boston Barricade. Their well-structured process and track record allowed our team to make well-informed decisions throughout the process.”
“With our deep understanding of the Boston Barricade business, we understood the value that Mosaic and the new ESOP structure could provide for the management team and the value creation opportunity for its employees,” said Patrick Galleher of Boxwood.
Greg Bishop and Forbes Thompson of Williams Mullen served as legal counsel for Boston Barricade.
About Boxwood Partners
Boxwood Partners, LLC (www.boxwoodpartnersllc.com), is a boutique investment bank based in Richmond, Virginia. Boxwood Partners combines a unique blend of senior-level transaction advisory, business operating experience, and proven process execution skills to give its clients a distinct advantage in the market. The firm’s extensive relationships within the global capital and buyer communities (including U.S. and international private equity groups, corporations, and lenders) and other important transaction-related service providers such as consultants, attorneys, and accountants, ensure that the firm’s clients receive the attention, service, and results they deserve.
About Boston Barricade:
Headquartered in Vero Beach, FL, Boston Barricade a leading provider of modular enclosures, in-store installation services, and custom graphics for a variety of customers including retailers, mall developers, general contractors and airports. The Vero Beach, FL-based company operates 13 service centers across the United States, allowing the Company to serve a national customer base.
About Mosaic Capital Partners:
Mosaic Capital Partners, LLC (“Mosaic”) is a private equity firm investing in privately held middle-market companies. Based in Charlotte, NC, Mosaic employs private equity buyout strategies that incorporate the partners’ unique expertise in Employee Stock Ownership Plans (ESOPs). Mosaic aims to help business owners achieve liquidity, wealth transfer and ownership transition with its PE-ESOP product.
SOURCE: Boxwood Partners, LLC