CHICAGO, ILL. – Prospect Partners, a leading private equity firm investing in pre-middle market companies, has just recapitalized, with management, of Blackwood Solutions and its related entities (“Blackwood”), of Bloomington, IN. Blackwood becomes Prospect Partners’ 53rd portfolio company.
Blackwood is a leading electric utility services provider offering specialty transportation, logistics management, recycling, and disposal services in over 20 states. The company’s asset-based, self-performance model delivers best-in-class customer service to major electric utility customers, electric utility related manufacturing facilities, and railroad operators. Blackwood utilizes its fleet of self-loader trucks, semi tractors, and specialty trailers to offer turn-key solutions for complex logistic and inventory management projects.
Jason Feagans, who founded the business in 2016, will continue to lead Blackwood as CEO, with Ryan Conrad continuing as President. Leading the investment from Prospect Partners are Partner Brett Holcomb, serving as Chairman, and Vice President Colin O’Donnell, serving as a Director.
“Blackwood is a highly respected organization with an unmatched industry reputation and brand” said Brett Holcomb. “The company has an impressive track record of solving its customers’ key pain points through innovative solutions and superior customer service. We are excited to partner with the Blackwood team and continue building the business.”
Said Jason Feagans, “Prospect Partners has a long history of backing entrepreneurs and supporting growing businesses. The team’s knowledge and ability to understand our business, combined with its investment and relevant experience, will prove valuable as we aggressively pursue our growth initiatives. We are very excited to work together and continue the momentum we have in the market.”
O2 Sponsor Finance provided senior debt financing, while Tecum Capital Partners provided subordinated debt financing and an equity co-investment.
Prospect Partners is actively seeking add-on acquisitions, so please reach out to Brett Holcomb (bholcomb@prospect-partners.com) or Colin O’Donnell (codonnell@prospect-partners.com) with opportunities.
About Prospect Partners
Founded in 1998, Prospect Partners is an active investor and builder of pre-middle market companies. Prospect focuses on partnering with management teams to complete recapitalizations, build-ups, carve-outs, and generational transitions. The Prospect team brings deep domain expertise building high potential companies through both operational improvements and acquisitions. For more information, please visit www.prospect-partners.com.