Trident III (an investment fund managed by Stone Point Capital, LLC) acquires majority interest in Capri Enterprises, LLC
2/14/2007
PALM BEACH, FL (February 14, 2007) – Palm Beach Capital, through one of its investment entities, today announced that it has sold its equity interest in CAPRI Engineering and its related subsidiaries to a private equity fund managed by Stone Point Capital LLC. Financial terms of the transaction were not disclosed.
CAPRI Engineering, based in Sunrise, Florida, is an engineering firm with 16 locations strategically positioned around the state of Florida, South Carolina and Nevada. The company, known for its excellence in Structural and Geotechnical Engineering, Special Inspection Services and Municipal & Educational Facilities Support Services, has also been attributed with promoting more progressive and innovative services such as Private Provider ServicesTM and Condominium Defect MitigationTM Services.
“We are pleased that we were able to assist CAPRI Engineering in its significant growth during the past two years. Through our infusion of capital and operational assistance, the company was able to exceed our initial expectations. We believe that management and Stone Point will be able to further build CAPRI and ensure its continued success,” stated Nate Ward of Palm Beach Capital. Palm Beach Capital originally made its investment in CAPRI Engineering in April, 2005. CAPRI grew its revenues over 250% during the time of the Palm Beach Capital investment.
Gary H. Elzweig, P.E., President and CEO of CAPRI stated, “Palm Beach Capital shared our vision of service-led growth. Their investment allowed CAPRI to continue our expansion throughout our target markets. We look forward to continuing the highest level of service and professionalism that our clients deserve.” Mr. Elzweig was awarded the Ernst and Young Entrepreneur of the Year award in 2006 for his ability to successfully steer the business through this rapid growth.
StoneRidge Advisors, LLC acted as financial advisor to Stone Point Capital, LLC.