F.N.B. Capital Partners, L.P. (“FNBCP”) is excited to announce its first transaction with Dubin Clark & Company, Inc. (“Dubin Clark”) and Resolute Capital Partners (“Resolute”). FNBCP and Resolute provided mezzanine debt and an equity co-investment to support Management and Dubin Clark on the recapitalization. Powerhouse specializes in the maintenance and repair of commercial parking lots. The Company’s former owners will remain active – Ken Roy will stay on as President, and Todd and James Roy will serve as Vice Presidents.
Over the past 50 years, the Roy family has grown Powerhouse into a market leader in the NY metro area. The Company is diversified business and there are opportunities to expand the geographic footprint, add ancillary services, and hire additional employees. We like the recurring nature of revenues which is unusual for contracting businesses. They do a lot of services under different brand names, most of whom are large property managers. The Roy brothers have successfully managed the business for 50+ years. Dubin Clark has a ton of industry experience and should be a great complement to management. We’ve looked at other transactions with them but this is the first to work out. Resolute is an SBIC fund based in Nashville. They were great to work with throughout the process and we look forward to partnering with them on other deals that require mezzanine debt and/or equity in the future.
Powerhouse Maintenance, LLC, founded in 1963 and headquartered in Islip, New York, is comprised of three businesses: Powerhouse Paving, PAM Sweeping, and Orange Sewer & Drain. The Company specializes in the maintenance and repair of commercial parking lots primarily for commercial and industrial facilities, apartment complexes, strip malls and retail shopping centers. Services include asphalt paving, sealcoating, drain installation and repair, concrete installation and repair, sweeping and debris removal, power washing, and liquid waste management.