• Held a first closing on Pine Street Capital Partners III, LP in conjunction with the receipt of our second Small Business Investment Company (SBIC) license from the US Small Business Administration in September.


• Successfully exited four investments from PSCP II, as highlighted below:
  
  
  • In December, PSCP exited from its investment in Scotia Technology, a Laconia, NH, based niche supplier of tube assembly components for the aircraft and aerospace industries.
    
    
  • In December, PSCP exited from its investment in Merrill Industries, a packaging company providing corrugated packaging solutions to industrial customers located primarily in Southern New England. Merrill is located in Ellington, CT.
    
    
  • In October, PSCP exited from its investment in Thermacore, a designer and manufacturer of highly engineered thermal management and material solutions. Thermacore is based in Lancaster, PA.
    
    
  • In June, PSCP exited from its investment in GenServe, a supplier and servicer of backup power solutions based in Plainview, NY.
    

Pine Street Capital Management is pleased to announce its first investment out of Pine Street Capital Partners III, LP (PSCP III), which was launched in Q4 2016. Nelson Worldwide ("NELSON"), based in Philadelphia, PA, is a leading integrated design and consulting organization with a diverse product offering catering to a wide range of end markets. NELSON offers global design, architecture, engineering, branding, space planning and space management services primarily in the commercial real estate sector. PSCP co-invested in this transaction with NewSpring Mezzanine Capital, Salem Investment Partners, and a subsidiary of Kemper Corporation (NYSE: KMPR). The investor group is partnering with management to support Nelson's growth.

Additionally, a second closing was held on PSCP III in March. PSCP III is now at its initial targeted capital amount. A final closing is expected later this year.

Pine Street Capital Partners III, LP (PSCP III) is pleased to announce a new investment in King Engineering Associates, Inc. ("King"). Based in Tampa, FL, King is a civil and environmental engineering services company serving both the public and private sectors. PSCP co-invested in this transaction with Kain Capital and Harvest Capital Credit. The investor group is partnering with management to support King's growth.

• A mezzanine debt and equity investment to support the recapitalization and debt refinancing of Merrill Industries. Based in Ellington, CT, Merrill is a packaging company, providing primarily corrugated packaging to industrial customers located mostly in Southern New England. We are co-investors in the transaction with Advantage Capital Connecticut.
  
  
• A mezzanine debt and equity investment to support the acquisition of Artifact Uprising by Digital Fuel Capital. Based in Denver, CO, Artifact Uprising is an ecommerce provider of premium photo products (e.g., photo books, prints, framed wall photos, photo cards, and gifts). PSCP co-invested in this transaction with Bay Capital and Eagle Private Capital.